The energy rating of homes is becoming more and more important and is starting to impact on their value, as has been predicted by Survey Spain in many past reports. A new initiative is coming forward whereby banks will be varying the interest rates on mortgages according to the energy rating of the property.
“Linking the interest rate with the energy rating of a home is a way to reward a more sustainable way of building and promoting it for the future. The commitment to green mortgages is a commitment to sustainability, but also to saving: that which involves living in an energy efficient home; and the one that entails the revaluation of the property and, therefore, the inherent lower real estate risk.â€
Owners and estate agents must now get the CEE Energy Performance Certificate for the property as soon as possible, ensuring that it is registered with the appropriate authority, as is required by the Regulations in any case. No longer will ‘Pending’ be enough. Otherwise, sales can be lost due to delays in getting and registering the certificate, plus the owners and agents seriously fined for not having the CEE rating when starting to market the property.
Survey Spain is Regulated by RICS and uses RICS Registered Valuers. RICS has training courses for appraisers/valuers and has developed a list that allows them to evaluate the characteristics of the building that affect energy efficiency and will affect the outcome of their rating, with the consequent impact on its value.
