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Should I consider improving my EPC before selling

Should I consider improving my EPC before selling

Should I consider improving my EPC before selling

 

In this climate of high energy costs, it should come as not surprise that the energy performance of property, is one of the first consideration for buyers.

There are also instances where an EPC of D or lower could also cause the loss of a potential sale, even if the buyer is willing to go ahead, but why is that?

1. Sellers

If your home is on the market, you need to ensure that it is attractive to the widest possible audience, as Energy Performance is now a major consideration, the higher your rating, the more it will appeal to buyers. Whilst it can involve lots of work to improve a property significantly, sometimes, a few minor changes can be enough to just nudge your property up to the next rating. Keep in mind that your property may be a candidate for investors and to that effect, a rating of a C is the target, as that may well be the minimum legal rating for rental as from 2025.

2. Investors

Even though it is yet to be confirmed if the bill to raise the minimum EPC rating for rental properties from the current E to a C in 2025, it is more than likely to happen at some point and some lenders have already taken steps in response to this, as some buy-to-let landlords have already discovered, as there are now an increasing number of lenders who will not offer a BTL mortgage on a property that is a D or lower, as there is a risk that this property may be illegal to rent within 2 years.

This has obviously created problems for some investors, but this can also lead to the sale of your property not making it through progression, due to the buyer being unable to fund the purchase.

3. Landlords

Existing BTL landlords looking to re-fix their mortgage could struggle to find another fixed rate mortgage, because the number of available lenders is reducing constantly. In the current climate of higher interest rates, this could result in landlords having to stay with a variable rate for the time being and unlike residential mortgages, the variable rate for BTL mortgages is significantly higher.

Whilst the entire process of improving your EPC may seem daunting, here at Northants EPC, we are happy to offer consultations to advise on the best way forward.

We can offer anything from some invaluable free advice, to a professional EPC consultation, with a written pathway to improving the rating of your property.

For further details, CONTACT US  anytime.

 

 

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