How an energy star rating boosts property price

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Better energy efficiency brings numerous benefits, and these can now be achieved more easily with the help of The Victorian Residential Efficiency Scorecard.

The Scorecard is a Victorian Government initiative that can help identify where one’s home is using the most energy and minimise that use. It assesses the way a home is built and checks whether it is insulated or not. Further, it evaluates features like solar PV energy production, as well as utilities such as hot water and heating systems.

 This is conducted by government-accredited assessors, who will give the house a star rating, together with recommendations to improve the score. Specifically, this evaluation will come in a two-page rating certificate, which shows a home’s star rating out of 10, along with other findings.

The star rating provides an easy-to-understand snapshot of how a home copes with Victoria’s hot and cold weather. This allows owners to compare their homes’ energy use with similar homes and quickly see how to save money on your bills.

A higher star rating means the home will use less energy, and cost less to run, than one with a lower rating – as such homes with high star rating will have a lower energy bill than the average home.  Currently, the average Victorian home is three-star rated.

How is this relevant for investors, sellers and landlords?

A Scorecard rating can give a significant boost in the selling price if the property uses less energy. More importantly, part of the program is for the government side to take necessary steps in assisting property owners in reducing utility costs. In instances where landlords are obliged to pay for water and other utility costs or renters ask for upgrades to houses, the assessment will be able to generate low-cost and cost saving recommendations for energy efficiency upgrades.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

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