Are you looking to buy or sell a home? What do you know about the prevailing property market trends? If you are in the process of looking for a home to either sell or buy, there are a few important factors you must be informed about. This will help you get the best deal according to the market prices. Moreover, it is worth noting that besides whatever may be related to prices, you should also take heed of relevant policies and regulations. In addition to the changes we are experiencing in the government controlled economies, you should always stay ahead of things. There is a risk of getting yourself in breach of certain regulations.
What is an EPC certificate?
An EPC acts as a guide to would-be property buyers reviewing a property. It is used to evaluate how energy sufficient a home is. It also provides recommendations on how you can enhance the energy efficiency of the residential property. In short, an EPC as an asset rating gives an implication of the possible environmental impacts of the energy use of your property.
If you are selling a property, you might be approached by a potential, and you should be well equipped with the necessary information that will convince them to buy your home. Anticipate questions such as what is an EPC rating of your property.
The only way you are going to be able to answer this question satisfactorily is if you know what an EPC rating is.
Energy Efficiency Ratings
A building with an EPC rating of A is the most preferred. This rating shows that this particular house is probably modern, is well insulated and has a high energy efficiency. On the other hand, if you find a home with an EPC rating of G, you should think twice before buying it.
Such properties are old draughty buildings with wind rattled walls. The average buildings in the UK have an EPC rating of D. Anything below is an indication of an increasing CO2 footprint. Something no one wants to experience.
On your EPC rating section, you are likely to come across some numbers as well. The numbers are usually indicated from 1-100. The higher the number, the higher the energy efficiency rating. An energy efficient building will cost you fewer fuel bills if you are looking to buy one. If you are selling one, then you probably know that you will sell it quicker than property market competitors with less energy efficient properties.
When Should You Get an EPC?
It is a general rule to put up an EPC for every property put up for rent or for sale. Therefore, newly developed homes will definitely have an EPC. Landlords will need to display to their potential tenants, and home-property sellers must show their potential buyers an EPC for the property.
It might, therefore, seem like an EPC is required in every instance but that is not the case. There are a few exemptions where an EPC is not mandatory. For instance, rooms which are rented out by resident landlords, as well as listed properties, may be exempted from the EPC requirements. This is because these buildings do not require upgrades such as double glazing.
EPC has been a requirement for nearly 10 years now. This means that any home that has been let or sold in the past 10 years should have an EPC. If you are wondering how long is an EPC valid for or how long an EPC lasts, the period is 10 years. Therefore, after 10 years, a new EPC certificate should be gotten.
You need to know that no one should charge you for EPC if you are looking to rent or to buy a home. The EPC should be provided to you for free. You can get the landlord or property agent fined if they try to charge you for an EPC. And if you are selling a home, be aware that buyers also know this so don’t risk getting fined.
How to Get EPC Certificate and How Much Does an EPC Cost?
You can obtain an EPC using any energy assessor as long as the government has accredited them. He or she will assess and issue you with a certificate. Most importantly, you can verify if the assessor is certified by asking for their identity card. Every government approved assessor is issued with an identity card for verification.
A record of your property’s assessment shall then be kept in the national register. An EPC will only be considered valid if its record can be traced in the national register. If you can’t find the EPC for your address in the register, you must contact the company that carried out the energy assessment of your home and air your concerns.
From our analysis at Property Division, we estimate that an EPC can cost an average of £120 inclusive of VAT. However, this depends on your energy efficiency property assessor.
There are no fixed charges for EPCs, it all depends on several factors such as the type of building you are selling or buying and the number of bedrooms it has. In addition, the area your property is located in will considerably affect the EPC fee. Therefore, considering everything else, it is better that you shop around to find the best deal in the property market.
Well, landlords and property owners have many concerns about the 2018 EPC regulations. It is expected that as from the onset of 2018, any property should have an EPC rating of at least E. More so, property owners will be fined up to £ 4,000 for properties with EPC ratings below E. Based on such regulations; it is outright that EPC information is important to both landlords and would-be property buyers. It is, therefore, recommendable that you equip yourself with relevant information about Energy Efficiency Certificates.