I posted last week that the Government are proposing to change the Regulations on Energy efficiency requirements of rented dwellings. After receiving some messages about how costly this will be for Landlords, which as a Landlord myself, I completely agree with.
Therefore, I have decided look at the current options and funding that is available.
The Government has stated earlier this Year, that if you are a Landlord and are letting a property with an EPC rating of F or G, you can no longer do so! There is a cost cap however of £3500, and if you cannot reach at least an E rating with this amount, you only have to make improvements within that budget, but do not need to exceed it, and Government contributions are available. This rating is proposed to change to an EPC rating of C by 2030.
So what can you do, to plan for this?
Inevitably, Landlords will have to spend some money, however there is a way of minimising this by acting now!
The Government has just announced the Green Homes Grant. This will give you access to a government contribution of up to £5000.00. Details below:
The Government constantly pushes us towards expensive insulation improvements, but there are many other areas to consider before this, and if you do consider retro-fit insulation, please take advice prior from a Building Surveyor, as it is not suitable for all dwellings.
Simple Steps first
From experience I believe that the average rented property can be improved significantly without the need to spend a ridiculous amount of money.
You can look at internal areas such as lighting, heating Controls and the heating system before going to the extreme of insulation solutions.
Even before that, start by appointing an experienced Assessor, and ensure your rating is correct in the first place. It may be that the current EPC is incorrect, or does not reflect the dwelling correctly, or is outdated.
To summarise, look at the funding available, take good advice and act now as this can be planned and the cost will be minimised.