Going green: Can it boost the value of your home?
Energy-saving measures, ranging from loft insulation to wind turbines, are just one of the ways that you can help to reduce your overall energy bills, as well as your carbon footprint.
However, now it appears that as well as helping households to stretch their budgets further, energy-saving measures can also boost the value of our homes. Here’s how:
Buyers are looking for long-term energy savings
As well as looking at whether a property has the right number of bedrooms and enough parking spaces for the family cars, buyers are now looking at energy changes to a property that could help slash their energy bills. This desire hardly comes as a surprise, when recent estimates have suggested the average dual fuel bill could leap by £600 over the next five years from £1,400 to £2,000.
Explaining the appeal of energy-saving measures, Richard Patterson at myonline estateagent.com, says:
“Buyers want measures that will save money on bills. The most common requests are double glazing, and efficient boiler, and loft and cavity wall insulation.
“New and expensive technology such as solar panels don’t tend to add the same immediate value to a house. These are more long-term investments.”
How energy-saving improvements affect your asking price
According to the government, moving the Energy Performance Certificate (EPC) rating of your home from D to B could add a staggering £16,000 to the value of your home. Currently around half of UK homes are rated D, with the full range of ratings going from G to A.
Homeowners in the North-East could receive an even bigger pay off, with a move between the same bands pushing up the value of their homes by £25,000.
Ed Mead, at Douglas & Gordon estate agency, says: “Green measures are starting to have an affect, especially if buyers are torn between two similar houses.”
Renewable energy is likely to be used alongside non-renewable energy for some time to come. Look for heating oil suppliers in your area.