Being a landlord can be lucrative, but it is challenging. There is a lot of regulations to follow, with one of the most pertinent being The Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015.
These regulations impact whether landlords can let their rental property or not, and there is a considerable focus on the Energy Performance Certificate (EPC).
Why does improving your EPC matter for landlords?
As landlords have a lot of things to consider, and a finite amount of time and money to do so, there is a need for landlords to justify why improving their EPC rating matters. The following points should all be considered, and will hopefully help you realise why boosting your EPC is a smart decision.
- Rental property must meet a minimum standard of EPC to be eligible for letting purposes – if your rental property holds an F or G-rating, you must improve its EPC rating before letting it
- In a competitive marketplace, you want to position your rental property as better than your peers and rivals, the EPC rating is one way to achieve this
- The higher the EPC rating, the greater value your rental property is likely to hold – this can help you charge a higher rental fee and attract a better standard of tenant
- A rental property with a reliable EPC rating helps tenants lower their energy bills – all tenants want to spend less on energy bills, so boosting your EPC makes your rental property more attractive to tenants; which reduces the risk of void periods and which can keep tenants in your rental property for longer
Follow the guidance in the EPC
One of the best things about the EPC is it provides you with guidance on what you can do to improve the energy performance rating of the property. There are many general tips which are worth following, but if you are looking to have a genuine impact on the energy rating of your rental property, follow what your guide says; and this will make a significant difference.
Quick generic ways to improve your EPC
If you have followed the recommendations stated in your EPC and you are still looking to improve the standard of your rental property, there are plenty of ways you can do so. Please consider the following tips which will improve the standard of your EPC rating:
- Switch out traditional light bulbs to LED light bulbs
- Insulate the walls and roofs of the property
- Review window and door frames at your property and fill any cracks or gaps
- Invest in a smart meter
- If your budget allows, invest in double or triple glazing
- If your budget allows, upgrade the standard of boiler
If your tenant is happy, you should benefit in the short and long-term. Therefore, investing in your EPC rating and making positive changes will ensure you enhance your chances of success in the local lettings market.
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today.