SUSTAINABILITY
Can older homes be made eco friendly and cost efficient? Gordon Miller says “yes they can!”
The Green Deal S
ustainability is rising up the housing agenda with increasing haste, promoted by Government and commercial opportunity. An
information paper, published by the Royal Institution of Chartered Surveyors (RICS), entitled Sustainability and Residential Property, published 20 September, advises valuers that a home’s sustainability characteristics should be considered within property valuations. RICS notes that sustainability features
can include a home’s energy efficiency rating, the materials used in its construction and other features such as an energy-efficient boiler. Although, elements such as a building’s proximity to public transport links and its ability to adapt to occupiers’ changing future needs could
also be considered and reflected in a valuer’s assessment of a property’s value. Ben Elder, RICS Global Director of Valuation, said, “A property’s sustainable status can cover a range of social, environmental and economic matters that can potentially lead to changes in demand and therefore affect value. This new information paper offers advice to our members, recommending that they are fully aware of sustainability policy and the characteristics of individual
buildings when valuing property.” Anwar Harland-Khan, CEO of Sustain
Worldwide, a membership organisation of developers and industry professionals
delivering sustainability, said, “We welcome the RICS information paper, while noting that in our opinion it is long overdue that the valuation industry recognised the inherent value premium in sustainable property.
“It stands to reason that today’s new sustainable homes have a value
premium. They are cheaper to run because they are
better insulated and require less heating and mechanical cooling, and they are fitted out with ‘hands off’ energy saving
applications. What’s more they will
increase in value faster, or depreciate less than current stock, because they are more ‘future proofed’ than a conventionally built
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