How Does an EPC help Landlords in Earning a Better Profit?
Renting or selling the property is not an easy task as the real estate industry has a lot of challenges. There are a lot of responsibilities and tough competition. The energy efficiency of the property is an important factor in improving the value of the property and attracting good tenants. The landlords are legally required to provide a domestic or commercial EPC London. It ensures the low running cost of a property and increases the appeal and value of the property.
It is important that a landlord understands the importance of good EPC rating. Good EPC rating is effective in increasing the rental price of the property. Here are a few ways that an EPC can help the landlords in earning good profit.
Offering Better-Negotiating Position:
The look and aesthetic appeal of the property is not the only merit that prospective tenants consider when selecting a rental property. The EPC date and the rating are two crucial factors that impact the decision. People always prefer properties that have low energy consumption as they are affordable. The EPC is legal for ten years but when the EPC gets older there is a chance that it needs an update and improvement. When you have an updated EPC it gives you more options and an upper hand while creating the tenancy agreement. The EPC document is evidence that you can use to counter tenant’s claim of lower rent. It makes sure that landlords get the rent that they are looking for.
Maximizing Landlord’s Returns:
There is a lot of negotiation about the rental price and it usually revolves around the energy efficiency standards of the property. The tenants often use the high expenses of the house to make their case for a lower rent. If you have a good EPC rating then you easily win the rent battle. An EPC is effective in getting better returns on the investment. The EPC has a section that includes recommendations that can help in improving the energy efficiency of the property. Simple energy-efficient upgrades can effectively increase the rental value of the property and get better returns.
Protection for the Landlords:
The EPC makes sure that there is no serious dispute between the tenants and the landlord. A common dispute that can occur between two parties is about who is responsible for the energy efficient upgrades. An EPC can easily solve the dispute as up-to-date EPC documents all the improvements that are made by the landlord. It proves that the upgrades were made before the tenants moved in. It will save tenants time and Money. It will make sure that the tenancy ends on good terms. An EPC can be used to justify the deductions a landlord makes on the account of the damage done by the clients.
Increasing Property Appeal:
Finding new tenants is not easy as they have a lot of options. You need to make sure that the property stands out from the competition and a good EPC rating is effective in making the property appealing to the potential tenants. With the help of an EPC, you can show prospective tenants how much money they can save on energy bills.