The Home Report system started in Scotland in 2008 and was designed to provide potential buyers with essential information about the property’s condition and value. The report is broken into 3 sections:
1. Single Survey and Valuation
A chartered surveyor will visit the property and carry out a visual inspection to assess the condition and accessibility and also identify any repairs that may be needed so that potential buyers can understand any work that might need to be carried out. They will look at the outside and the inside of the home and assess each area from 1. Satisfactory to 3. Essential Work Required and will highlight any urgent repairs. The valuation section gives the market value of the property, which mortgage brokers use when arranging a mortgage, and also an estimated reinstatement cost for insurance purposes.
2. Energy Performance Certificate
The EPC gives information on how energy efficient your home is and also gives average costs for heating, hot water and electricity. The EPC also highlights where energy efficient savings could be made through recommended measures such as improving insulation. .
3. Property Questionnaire
Split into 16 categories this section is completed by the owner and gives details which prospective buyers could find useful such as council tax band, parking arrangements, central heating and alterations made.
How long does a Home Report last?
A Home Report can not be older than 12 weeks when you put the property on the market, but there is no “expiry date”. However, lenders generally will not accept a Home Report that is older than 12 weeks for mortgage purposes so a Home Report refresh may be require when a property is sold.
How Much Does a Home Report Cost?
The cost of a Home Report varies, depending on the location and value of the property.
Do all properties need a Home Report?
There are some instances where a home may not require a Home Report such as new houses sold off-plan to their first occupiers, homes which fall under commercial use as they run a business from there eg a Bed & Breakfast or those deemed uninhabitable.
