Avoid this costly mistake when searching for a new property
When it comes to shopping, it’s likely that you already know what you’re looking for before you even start searching. Whether you’re browsing for an outfit for a special occasion, buying a new car, or even searching for your dream home, your wish list will include those key must-haves.
Moving home is a big decision, especially later in life, and there will be many things you’ll want when it comes to your next home, like space for a home office or a larger garden to enjoy during the summer. However, one key check is often forgotten, and it could cost you thousands.
Top tip: Create a list of your search must-haves
Making a list that details the goals for your ideal home will help to keep your search focused. Be specific; include the number of bedrooms you want, location goals and whether things like off-road parking and close transport links are important.
Since the start of 2020, buyer priorities have changed when it comes to what they want in a new home, so it is likely that when you put your list together it will look different to a list you would have written before the pandemic.
Clear on your priorities? Great, you're ready to begin the search!
When you're searching for your next home, it can be easy to let your heart rule your head, and all too often one costly check is forgotten...how energy efficient your next home will be, and how much it will cost to live there.
Mistake to avoid...Remember to check the EPC rating
Since 2008 it has been a legal requirement to have a valid Energy Performance Certificate (EPC) rating for any property that is being sold or rented, but do you really know what this means for you?
What is an Energy Performance Certificate?
An Energy Performance Certificate, more commonly referred to as an EPC is a legal requirement when a home is built, sold, or rented. The document itself is the result of a check carried out by an approved Domestic Energy Assessor.
Much like the coloured A – G ratings on the front of electrical appliances, such as a fridge freezer or TV, the EPC informs the owner, buyer, or tenant how energy efficient a property is and how efficiency could be improved. Each certificate is valid for 10 years.
Why is an Energy Performance Certificate (EPC) rating important?
According to a recent survey carried out jointly by NatWest and IHS Markit, only a small percentage of property buyers put energy efficiency on their priority list when searching for a new home. Surprisingly, just 15% of people asked said that they considered the EPC rating when they were looking for property.
The biggest issue isn’t that people aren’t interested in the EPC ratings, it’s that they aren’t sure what they mean and how they can have an effect on house prices.
In the UK, the average EPC is a D, however, Rightmove has reported that work done on a property that improves the rating, raising it to a C can actually boost the house price by up to 16% if you decide to sell, giving you a higher sum for your onward budget. So, not only can a better EPC increase your sale price, but it is also reassurance that the home you’re moving into is both economical to run and environmentally friendly.
Having a good EPC rating can also be reassurance that the cost of your energy bills will be affordable, reducing the amount you are paying to run your home. This will, in turn help you to maintain long-term happiness in your lifetime home.
Ready to begin your search?
When you are searching for a new home, it’s important to be aware of things that should be on the priority list. Hopefully, now that you know how important the EPC is, and how much money it could potentially save you in the long run, it will be something that you look for.
Searching for, and finding, a new home is exciting, but it can feel a bit overwhelming, especially in the current competitive market. If you’re over 60 and have found your dream property, but your budget means that it’s out of reach, then we’re here to help.
Homewise provides people aged 60 and above with unique ways to boost their moving budget and transform their retirement with our Home for Life Plan.
- Secure the perfect home
- Move to a better area, closer to family and friends
- Free up funds for your retirement
- Be secure for your lifetime
- Safeguard future inheritance
- Enjoy a stress-free move
If you’d like to find out how much your affordability could be boosted by with a Lifetime Lease, try our simple and easy to use online calculator.
Need help finding your new home?
The moving journey can be a time-consuming and sometimes stressful one, so if you are in need of more support, we have a dedicated team on hand as part of our free Move Simply service. It’s available to all Home for Life Plan customers.
Through the complementary Move Simply service we will:
- Conduct thorough property searches and checks on your behalf
- Liaise with our nationwide network to find you the perfect home
- Arrange priority viewings of your chosen property, both virtually and in person
- Negotiate with agents to secure your dream home for the best price
- Help you navigate the solicitors and conveyancing process
- Support you throughout every step of your move
Let Homewise help you to find your dream home and make the moving process a much smoother one.
Who are Homewise?
We’ve been helping people to secure their dream home for over 50 years. So, if you’re looking for a new property to boost your long-term happiness, and want to avoid making any costly mistakes contact us to find out how we can help you move into your dream home.
Since 2007 we’ve purchased over £263 million worth of property for our customers, which has boosted their budgets by over £79 million. This has also helped our customers to clear over £42 million of debt along the way.
Take advantage of our many years of experience to help you in the search for your perfect new property. Our goal is to help people have a secure and happy future, living in the ideal location, in their dream property.
Whenever you’re ready we’re here to talk and we can help you to secure your perfect home for thousands less* than the market value. So, if you’re aged over 60 and you’ve been thinking about moving, get in touch with Homewise.
*Savings range from 8.5% to 59% for freehold properties and depend on the customer’s age, personal circumstances, and property criteria. Only available to those over sixty years old.