24 Herbert Street
Glasgow G20 6NB
How The Home Report Works
What is a Home Report?
When it comes to buying or selling a house, a Home Report is an essential document required by law that we strongly advise you become well acquainted with.
This comprehensive legal document is compiled by the home seller’s agent or the seller themselves at their own cost - which will be determined by the size of the property and who the- surveyor is. Broadly, it will contain recent information about the condition of the home, its energy usage and extra information that would be useful for the new owner or influential to their buying decision.
What is included in the Report?
Officially, the report comprises three parts: a Single Survey, an Energy Report which includes an Energy Performance Certificate and a Property Questionnaire. Most surveyors will include a Mortgage Valuation Report which will contain the information used by a lender to determine the suitability of the property for a mortgage.
How will the Report be used?
Potential buyers will request a copy of the report from the seller which should be sent to them within nine days in an electronic or paper format. A Home Report will be used by the savvy buyer as a research tool so they are fully informed about their potential new home.
A breakdown of the Home Report
Firstly and perhaps most crucially, a recent objective valuation of the property will be included, prepared by a Chartered Surveyor allowing the buyer to consider this in comparison to offers they may have received for their own property.
A survey of the condition of the house will mark every component and determine the need for any repairs as well as how important/urgent these repairs are. This allows the buyer to know the general standard of the property and what they may need to budget for in order to make improvements.
More extreme issues such as whether the home is a flood risk or whether asbestos, dry rot or damp has been identified or treated will be listed. While it is not the responsibility of the seller to have any of these issues fixed prior to sale, it might be beneficial for the buyer and seller to come to an agreement to secure a sale.
The report will also include the energy efficiency of the home which will predict the costs of heating and other utilities for the buyer. It will even calculate estimated energy costs required over the next three years.
Lastly, the Property Questionnaire allows buyers to glean some less quantifiable local knowledge from the seller. You will be asked to report on the locale of the home and give an honest representation to the new buyer. You will need to give details of any alterations you have carried out, any maintenance plans for your heating system as well as the council tax band. It is important that buyers complete this document as truthfully as possible.
Why does a comprehensive Home Report matter?
All in all, a strong Home Report is a key piece of the jigsaw when selling your house successfully - not only does it provide the buyer with essential facts and figures about their potential purchase but it gives them a real flavour of the investment they will be making and the true financial outgoings required. As a seller, it is in your best interests to put forward an accurate, well researched and comprehensive a report as possible to ensure a straightforward and successful sale.