Home Improvement

The home improvement mistake that could wipe thousands off the value of your home

HOMEOWNERS risk wiping thousands off the value of their properties if they fail to update their heating systems.

The home improvement mistake could reduce the energy efficiency rating of the building, meaning it may not fetch as high a price.

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A row of typical British terraced houses around Kensal Rise in London with estate agent boards

An Energy Performance Certificate (EPC), which you need every time you sell your home, rates its efficiency and is valid for ten years.

Your property will be given a rating from A – which is most efficient – down to G.

Failing to install heat pumps and remote-controlled thermostats, as well as other eco-friendly tools, could reduce your score in future.

That could make it harder to sell or rent out.

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According to The Telegraph, landlords have already been told that homes with a rating less than C will be illegal to rent out from 2027.

Mortgage lenders have reportedly offered better rates to families buying A or B rated properties.

Research by Money Supermarket showed that having a strong Energy Performance Certificate can boost the value of your home.

A lower score could reduce the amount your house sells for.

While heat pumps and other eco-friendly adjustments are expensive, there is help available to help you install them.

Can I get help to make my home more energy efficient?

There is some financial help available for families who want to make their homes more energy efficient.

Homeowners can get a grant worth up to £6,000 to help pay for heat pumps, which usually cost between £4,000 to £8,000.

The government scheme will give you £5,000 off the cost and installation or a air source heat pump or a biomass boiler.

You can get up to £6,000 to spend on a ground source heat pump, under the Boiler Upgrade Scheme.

The scheme will accept applications later in the month on May 23, but some installers have already signed up.

Only those who rent their own your property can apply for the scheme.

Your home must also have an installation capacity of 45kWth and an “valid EPC with no outstanding recommendations for loft or cavity wall insulation”, the government says.

Only properties which are fully replacing existing fossil fuel systems – such as oil, gas or direct electric – are eligible for support.

Your installer will apply for the grant on your behalf and it will then be taken off the price you pay.

The government recommended that households to get quotes from more than one installer to make sure they’re getting the best value for money.

You can find out more about the grant and how apply for it when it opens later this month on the government website.

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You should ask your energy supplier to see if it can help you with the cost of making other eco-improvements to reduce your bills.

Some suppliers offer support for customers trying to make green home improvements.

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https://www.thesun.co.uk/money/18459642/home-improvement-mistake-heat-pumps-house-prices/

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