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Home Report- Qs and As?
The question puzzling a lot of people looking to buy there first home. You’ve seen them being advertised, you’ve heard people talking about them, but what ACTUALLY is a Home Report and why do I need one in order to sell my property? Well luckily, we are here to answer all the questions you may have about Home Reports and why you need one.
So, what is a Home Report?
A Home Report is a document which a seller is required to have prior to putting their property on sale. It gives prospective buyers essential information regarding the property.
Why do I need one?
If you live in Scotland and you are looking to sell your property, you must supply a Home Report.
What happens if I am selling my property and don’t have a Home Report?
A Home Report is required by Law in Scotland. If you market your property without one, yourself and the estate agent could be prosecuted by Trading Standards and risk a substantial fine.
In certain circumstances, there are exceptions to not needing a Home Report, however be sure you check these in depth before proceeding.
What happens if the seller doesn’t agree to give me the Home Report?
The seller can only refuse to give you the Home Report if they are certain that you aren’t serious about buying the property. This can be if they think you can’t afford the property, you aren’t truly interested in the property or the home owner doesn’t want to sell their property to you.
What is involved in a Home Report?
A Home Report consists of four different things, these are: The Single Survey, Energy Report, Mortgage Valuation Certificate and Property Questionnaire.
How much is it?
The price of a Home Report can vary from city to city, but is ultimately dependent on the price of the property. On average, the price of a Home Report starts at £300 +VAT for properties valued under £100,000 and then usually increases by £100 +VAT per £100,000 of property value. However, it is always important to shop around to make sure you are getting the best price for your area.
What does a Home Report look like?
As mentioned above, a Home Report consists of four separate documents making up your Home Report pack. You can see copies of each of these here, this will give you a god idea of what to expect. (https://www.scotland.gov.uk/Topics/Built-Environment/Housing/BuyingSelling/Home-Report)
Remember to talk to a local surveyor who is a member of RICS who will provide you with professional, unbiased advice- or else you could be at risk of over paying!