Landlord’s Guide: Grants For An Eco-Friendly Property

Everything today seems to revolve around the ‘green agenda’. Some people are passionate for the cause whilst others don’t view it as a main priority, or think it a maze of the unknown.

Landlords can often dismiss the green vision as a drain on their property profit, when in fact did you know you could cover such costs with various grants? And offering an eco-friendly property can actually make it more attractive and profitable?

What are the benefits of making your rental property more energy efficient to both you and your tenants?

• Increase in property value
• Lowers energy bills for tenants
• Reduces rent arrears
• Attracts longer term tenants
• Achieves higher EPC ratings
• Property is easier to let
• Reduction in emissions

We’re here to shed some light on a few of the great grants on offer to landlords and homeowners across England and the UK.

Green Deal

If your property has an electricity meter, then you’re eligible for the Green Deal. You can take out a loan to cover home improvements that will make your property greener, and repay through your electricity bill.

Because of this repayment method, both you and your tenant must agree to the terms. They will be expected to cover the bill if you choose to repay in this way as opposed to covering costs outright yourself.

How does it work?

A Green Deal Assessor will pay you a visit and decide which measures will be the perfect fit to improve your property. This could include adding insulation, improving the heating system; draught proofing, installing new windows or looking into ways your property can produce renewable energy.  From here you will be granted a loan to carry out the suggested works if you wish.

Note: Subsequent tenants will also be liable for this additional charge if you choose to repay via the property’s electricity bill, so you must tell them too. However, the money they will save in utility bills could well cancel out the cost of the repayments, and they will enjoy a clear, green conscience to boot!

Landlord’s Energy Saving Allowance

As a landlord, you could claim back up to £1,500 in tax reductions if you install wall or hot water heater insulation, draught proofing or cavity loft insulation. The rewards will be passed on to your tenants, as they will benefit from lower utility bills and a more eco-friendly and responsible home.

Note: You can include this in as many properties as you own, so if you have six properties, you could claim back up to £9,000 etc.

Feed In Tariff (Fits)

These were introduced in 2010 and are really something to get excited about! If you install a renewable energy source at your property such as a wind turbine, solar panels, anaerobic digesters or hydroelectricity, you could secure an additional revenue stream.

How? Because you can be paid for the electricity you generate with such measures from the national grid and energy companies – even if the property uses the energy itself! You even receive a ‘bonus’ if you provide the grid with additional energy.

It’s all part of an incentive to become a greener country less reliant on fossil fuels. It also enables your property to become more self-sufficient which is a major advantage for potential tenants.

There are a plethora of both grants and loans for landlords, but what is available from council to council varies so we recommend you contact your local council as a first port of call for help and advice.  You can also find more information on the Energy Saving Trust website.

Alternatively, if you have a property to let, why not contact our office?  You could also download our Landlord Brochure for information on the landlord services available to you.

Ten Points To Consider When Moving From Halls To A Student House

Moving from university halls to your very own shared student house can feel liberating and rather grown up. And it is a rather grown up thing to do, which is why you should treat it as a big decision and consider the following… 

1. Choose Your Housemates Wisely

Perhaps you’ll live with the same people you did in halls, or maybe other friends. Regardless, it’s usually a good idea to avoid living with ‘Party Pete’…awesome on a night out, not so good when the night out is in your living room at 3am on deadline week, and where’s his share of the rent again?

2. Make Sure You Use A Reputable Letting Agency

Some students choose to find (often unreliable) landlords on free advertising websites etc. While you may save a few pounds in the short term, when your boiler breaks you could find yourself cold for a very long time after the landlord fails to appear. Choosing a reputable agent gives you peace of mind that your home is safe and if anything goes wrong, it will be fixed quickly.

3. Make Sure Your Deposit Is Held In A Deposit Scheme

As of 2007, ALL deposits on rented properties are required by law to go into a recognised scheme. A Tenancy Deposit Protection scheme protects a tenant’s deposit and ensures that it will be refunded in full at the end of the tenancy providing certain terms are met. Martin and Co is the largest user of The Deposit Protection Scheme and all Martin & Co local offices hold deposits under one of the three Tenancy Deposit Schemes in England and Wales and the Safe Deposits scheme in Scotland.

4. Factor In ALL Costs

Gone are the ‘all inclusive’ student halls days. Make sure you know what is –and isn’t – included in your rent. Internet, gas, electricity, water and TV licenses all need paying for, and utility inclusion differs from property to property.

Also remember to attain the relevant form from your university to make you exempt from council tax! If you’re going all out and installing Virgin/Sky, remember the installation costs!

TOP TIP: Remember that you require a TV license even if you are only watching TV online. One license per house. Don’t be left with a hefty fine. 

5. Lay Out A Chores Schedule

Boring? Yes. Necessary? Absolutely. We’re not asking you to go all ‘Monica Geller’ on your new housemates… but sharing the tedious tasks avoids the inevitable arguments in the long run when the one person cleaning the toilet eventually cracks. Tidy space, tidy mind etc.!

On the subject of tidiness, use common sense – be clean and don’t break anything. If accidents do happen, let your landlord know as soon as possible. Treating the property, as if it were your own, will protect you when you come to the end of your tenancy and you need your deposit back.

6. Split Bills Properly

There’s a few ways to do this:

a)    Make sure bills are in everybody’s name – not just one person’s. If they’re late andin one person’s name, it could affect their credit rating in future. (It may seem like miles away, but CCJs can stay on your credit file for SIX YEARS, and will stop you getting loans, mortgages or even phone contracts during this time!)
b)    Set up a joint bank account – all set up a standing order to pay into the account monthly (or as your student loans come in) and have all bills deducted from the joint account.
c)     Share the bills – i.e. one person is assigned gas, one electricity, one Internet etc…

7. Create An Inventory List

A good landlord is likely to create one for you, but it can’t harm to have your own. It’s amazing how much you can forget in a year. “Was that sofa in the living room or dining room?” and “Is the microwave mine or Sarah’s?” “Did we buy the mop or was it already here?”

You can incur charges upon checkout if:

a) Any items are in a different room from when you moved in;
b) Any items are missing or;
c) Any items need removing once you leave

Leaving an ironing board may seem like a kind thing to do, but if it’s seen as litter then is it really worth a removal fee?

TOP TIP: Take photos. Despite having inventory, having photographic evidence of every item as it was when you moved in gives your that extra bit of protection when it comes to getting your deposit back at the end of the year.

8. Read Your Tenancy Agreement

Knowledge is power. Arm yourself with all the information you need at the beginning of the tenancy to avoid any nasty surprises at the end.

TOP TIP: Never, ever move into a property without a copy of the tenancy agreement in your pocket. This is the only way to guarantee there’ll be no surprises – and you’re within your legal rights to request one.

9. Do Not Make ANY Changes Without Consulting Your Landlord/ Property Manager

A student house may seem a far cry from your rule-ridden halls of residence, but it’s still a rental property and rules still apply. Whether you think painting an purple wall is a good choice or not, always seek your landlord’s permission first or you could be charged for it when you move out! Even things as trivial as installing a picture hook could land you in hot water.

10. Research, Research, Research!

Research your landlord, research the area and research the house’s history if you’re unsure about something. Martin & Co have a great handbook filled with helpful tips, check it out.

In the mood to look at some seriously fab student properties? Then check out The Martin & Co website, where we have a load of student rental properties available in your areas.

Alternatively, you can contact our office so we can match you with students and properties in your area. We even have a dedicated student webpage, filled with help and advice:  http://www.martinco.com/students  

Election and the Sales Market

There is reason to believe that house prices can affect a general election and this can be tracked to a local level. High values can make homeowners feel better-off, economic confidence rises, people spend more money on other goods, the economy looks brighter and the current Government could possibly achieve some more votes.

But what of the impact of the general election on house prices?

Pre-election nerves

Recent figures from Nationwide showed that annual house price growth in the last quarter of 2014 to December was its most lethargic for over a year, in the south west prices increased by around 0.83% compared with 1.97% in 2013.

It indicated a faltering market where buyers are cautious of over-inflated prices and sellers may need to reset expectations after vigorous growth a year ago.

Post-results

Jitters in the housing market, thought to be caused in part by the election, do not necessarily translate into falling house prices.

Recent studies show that generally prices surge around the time of a general election and soon afterwards as pent up activity is released.

On average nationwide, prices 12 months before are 4.9% lower than at an election, while 12 months afterwards they are 8.6% higher.  To relate this to Exeter, we are currently running a little behind the pack.  In the last year prices in Exeter have risen by 2.17% according to Zoopla, which is just under 56% lower than the national average.  If this same 56% is translated to the next 12 months, that would indicate a potential increase of 3.78% for Exeter.

So does this mean sellers should wait until the election results to market their home?

Not quite. It is reported that election week is traditionally one of the busiest times in the housing market as a glut of sellers register their homes and competition becomes fierce.

It may be worth getting in there first in by listing your property for sale now to ensure it gets the maximum exposure and best price.  Please call or email me if you would like a sale appraisal or for more details. Regards, Jon.