Green Upgrades Could Increase Property Values
02 June 2015 1933 Views
Search the internet and you will find a multitude of articles claiming that upgrading a property with green improvements can add substantial value. Nationwide have agreed, claiming that as the British public are becoming more conscious about increasing energy prices, buyers will therefore be consciously drawn to properties that offer green, sustainable and environmental solutions.
Recent statistics show that improving a low energy performance certificate could add as much as £25,000 to an asking price. Nevertheless, even with government funded grants, it can be difficult to know the difference between green investments that are worth the expense and those which have little effect upon property value. However, according to research the most worthwhile upgrades include: energy efficient windows and doors, cavity wall and loft insulation, and installing a renewable energy source.
Energy Efficient Windows and Doors
If a property has single pane wooden windows or draughty doors, they could be damaging the EPC as well as increasing household expenditure. The additional heating required in this situation could cost in excess of £200 per annum. Replacing and upgrading to double or triple glazed UPVC alternatives can not only help to raise the property price, but could reduce yearly energy bills by approximately 15%.
New windows and doors are also a smart investment if a property is adjacent to a road, as they will help to reduce noise pollution and could help to secure a quicker sale.
Cavity Wall and Loft Insulation
To compliment new windows and doors, homeowners must ensure that properties are sufficiently insulated – this is a particularly persistent problem in period homes. If a property lacks adequate insulation, heat will escape through the walls and loft space, leading to higher energy bills and a larger carbon footprint.
Cavity wall insulation fills the hollow wall space, while loft insulation provides a protective barrier, both of which prevent heat from escaping and keep your home warmer for longer.
Renewable Energy Sources
Modern technology has provided a number of sources that can generate energy in the home, the most popular being solar panels. There is also the option of wind turbines, but if you are planning on selling then these should be avoided, as they can be off putting to potential buyers.
In the average British property, installing roof mounted solar panels can reduce energy bills by 15%. Plus, aside from generating free and clean energy, renewable sources provide home owners with the added financial benefit of being able to sell surplus energy back to the grid.
In summary, research shows that combining these three green upgrades can drastically reduce energy bills as well as increase property price by a maximum of 15%, making them worthwhile investments.