What is a Home report ?

What is a Home report ?

What is a Home Report?

The report comprises the Single Survey which comments on the property condition externally and internally, graded 1-3, 1 being in good order and 3 meaning needing attention now. The single survey also includes the valuation.

Purchasers can request a Mortgage Valuation Report for lending purposes from the surveyor who has provided the report but only after an offer for the property has been accepted. Generally the mortgage provider will request that directly from the surveyor on behalf of the borrower/purchaser.

The home report also contains the Energy Performance Certificate (EPC) which grades the property in terms of its energy efficiency similar to the alphabetic grading style found on domestic appliances. The EPC provides recommendations on how to improve the energy efficiency of property.

Finally there is the Property Questionnaire which is for the seller to complete and covers a range of details from when they purchased the property to if they have made alterations/improvements during their ownership.


Who pays for the Home Report?

The seller pays for the report and the cost is linked to the value of the property. The report is required to be completed prior to a property going on to the open market and can be completed comfortably within a week.

 

What do you do once you get the Home Report

Generally the valuation and property condition are the two sections which buyers look at first.

In what is now a very competitive market where buyers and money are not as plentiful as they were a few years ago the property condition section of the report is where some sellers may want to improve the saleability of the property by attending to problem areas, those for example which have a grade 3. In improving the grade from 3 to 1 or 2 they will improve the chances of sale for the property.

Those sellers who do have remedial works carried out can then get the home report refreshed to reflect they have completed remedial works, most surveyors will charge for returning to the property and amending the report accordingly. The average cost is likely to be £100 plus vat.

 

How does the asking price work given there is a valuation figure in the Home report?

Where offers over and fixed price were really the only two pricing strategies used prior to the arrival of home report it now also common to see “offers in the region of” and “guide price”.

An agent will guide you in what is the most appropriate pricing approach for your style of property and location based on demand.

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