Green Homes Grant
In yesterday’s mini budget announcement Rishi Sunak announced a number of measures to help the UK economy re-grow after the effects of COVID-19. One of the main headlines effecting property investors was the Stamp Duty Holiday. But, don’t forget about the Green Homes Grant, there could be opportunities for both landlords and homeowners!
What Do You Need To Know?
The UK government as part of yesterday’s announcement has said that vouchers will be available to homeowners and landlords to make their homes more energy efficient. These vary in value depending on household income but the vouchers are worth either £5,000 or £10,000.
You can apply for the grant to help with things such as: New windows, boiler, insulation, doors. Effectively, the government will pay 2/3 of the total cost.
What Is Covered By The Scheme?
Exact details haven’t been released yet – I will update this post when they do. But when you are planning for your improvements, think what will make the house more energy efficient. Have you bought an old property with single glazed windows? Look into options for double or even triple glazing. Heating your house with an old back-boiler? Look at more efficient alternatives.
How Do You Apply?
Applications open from September and you are likely to be able to do it online.
From the little that has been released so far, you will need to obtain a quote from an accredited supplier. Once you have your quote and work is approved you should be issued your voucher.
How Will I Be Using It?
Well, for those of you who are familiar with my story (see my income reports for more details). I will be finishing work on my current house very soon and then hopefully getting it on the market imminently. Once sold, I will be using the proceeds to buy another home for myself and the rest to invest in a limited company.
For me, I’ll try to make use of the grant both on my home residence but also the properties I buy through the limited company. If i decide to go down the Buy, Renovate & Re-finance route I should be able to grow a portfolio by adding value with each renovation and effectively recycling my cash. I am still researching this strategy and will write up on it later.
Anyway, that’s all I’ve got on the Green Homes Grant at the moment. Details are a little bit sparse but definitely worth knowing about if you’re in the property game. Save value for yourself and help create more work for the economy. Win-win.