As anyone who has recently put a property up for sale in Marbella or any other part of Spain knows, since June 2013 it has been an obligation to acquire an Energy Performance Certificate (EPC). In an attempt to improve energy consumption and promote its ‘green’ credentials, the Spanish government decreed that property buyers should have access to a rating that shows how energy-efficient the homes they view are. An additional intention was that it would encourage vendors to upgrade their homes, and developers to build more efficient residences to start with, but it was generally acknowledged that it would have little impact on the Spanish property market in the short term. Instead, it was viewed as a long-term measure, which would slowly transform the nation’s housing stock over the years as the compulsory EPC shone a spotlight on energy efficiency. Getting an EPC in Spain For those who don’t know what obtaining an EPC entails, it simply means a visit by a licensed inspector who rates the energy efficiency of a home according to a variety of factors, such as insulation and double-glazing. These factors are scored against a base rate for the type of property in order to ensure consistency of results. The inspector then gives a rating from A (the most efficient) down to G, and a certificate is issued to that effect. It is valid for ten years unless major changes are made to the property in the meantime. It is important to note that the certificate provides information only. There is no obligation to improve the energy efficiency of a home that has been given a low score. However, it may be that the report highlights simple areas in which significant energy savings can be made at relatively little cost. With the high price of power at the moment, it may well be worthwhile to improve the rating for a vendor looking to make their home more attractive or for a purchaser keen to modernise their new property. Though it is generally accepted that energy certificates have had little effect on property values so far, property professionals think this is likely to change in the near future. Higher rated homes sell quicker Evidence from other countries has shown that as buyers come to understand the value of a rating more, they are likely to negotiate harder over a property’s price if the energy rating is poor. The reasoning is they feel they will have to spend money to bring it up to standard should they follow through with the purchase. Conversely those homes with a better rating have in some countries not just sold quicker, but also commanded higher rental returns as prospective tenants are willing to pay more to spend less on energy bills. Should you need help and advice on any aspect of buying or selling a property, please contact us. Altavista Property has many years experience in the Marbella real estate market and we are only too happy to help.
Energy Efficient Marbella Property