As people become increasingly aware of their environmental impact, making your rental property more environmentally friendly can give your profits a real boost and help attract tenants.
In April 2018, a new legislation – the Minimum Energy Efficiency Standards (MEES) – came into effect, requiring every residential rental property to have an EPC rating of E or better. It is estimated that some 30,000 rental properties across the country were immediately affected by the changes.
According to the new regulations, landlords of properties with an EPC rating below an E cannot grant a new tenancy, nor renew an existing one, unless they have registered an exemption. These rules will apply to all tenancies by April 2020.
Although some landlords will see these new regulations as a hindrance, they offer an opportunity to give tenants what they really want; not only does an eco-friendly approach help save on fuel costs, it can provide greater convenience and give your rental properties a unique selling point. So, if you’re looking to boost the green credentials of your property, follow these minimum-fuss, maximum-impact tips:
Quality insulation
High-quality insulation is the first step to creating an eco-friendly living space. Ensuring that heat lost via lofts and wall cavities is kept to a minimum will have an immediate and lasting effect on fuel costs, reducing them drastically.
Block up the chimney
Whilst original fireplaces make attractive features, leaving them unmanaged will have a significant impact on your property’s energy efficiency and could undo your hard work in other areas. If the fireplace is unused, fitting a chimney balloon is the simplest solution. The balloon is inserted up the chimney and inflated, blocking draughts and stopping heat from escaping. They are also easy to remove, should you want to call the fireplace into action again at any point.
Eco lightbulbs
Swapping your lightbulbs for LED alternatives is one of the cheapest and easiest switches you can make. LED bulbs can last up to 21-times as long as traditional ones and are even more efficient than the CFL bulbs used in most homes.
Water-saving shower heads
With the average power shower using around 22 litres of water per minute, despite being desirable for tenants, they’re not particularly eco-friendly! Provided the water pressure in your area is good, a water-saving shower head should have a minimal impact on your shower’s effectiveness whilst making water wastage a thing of the past.
Low-flush toilets
Every flush of the toilet uses up to 12 litres of water, a scary proposition when you consider how many times an average family uses the toilet per day! The old brick-in-the-cistern trick might be appropriate for residential homeowners, but it might be a good idea to fit a proper low-flush toilet in your investment property!
Thermostatic radiator valves
Thermostatic valves shut off radiators when they reach the desired temperature. Fitting the valves is easy and relatively cheap (each valve costs between £10 and £20) and can make a huge difference to the fuel efficiency of your property. They are an affordable alternative to the increasingly-popular underfloor heating option, which can be very costly.
Smart thermostats
Smart thermostats, like the popular HIVE designed by British Gas, allow tenants to control the property’s heating remotely. Meaning they can come back to a warm house on a winter evening without leaving the radiators on all day. They are an ideal solution in terms of preventing energy waste and saving money, and they relatively inexpensive to fit.
New EPC assessment
Your Energy Performance Certificate is the document showcasing your property’s energy efficiency credentials, so make sure you have it updated and make your hard work count! An EPC lasts ten years, so you may not need to have a new assessment legally, but an old rating will mask the changes you have made. Ensure you show the assessor the paperwork detailing the work you’ve had done and allow them access to any areas where changes have been made (loft etc.) so they can effectively assess your property.
Once your existing portfolio is up to scratch, you might like to think about expanding and buying another property. Before you do, get in touch with us so we can help find you the best possible mortgage deal!
