In 2008, a reform was implemented which obliged property sellers in Scotland to produce a Home Report in order to market their homes. Although this regulation has been in place for a while, many people are still unsure about what exactly constitutes a Home Report.
To begin with, the seller should initiate the Home Report, which ought not to be more than 12 weeks old when you put your property up for sale. This is the guideline proposed by online property development finance firms. A crucial consequence of this legislation is that you can’t showcase your property until a Home Report has been compiled. Therefore, you’ll need to appoint an accredited surveyor, whether in Glasgow or any other part of Scotland.
Simply put, a Home Report consists of three essential sections meant to provide prospective buyers with relevant information about your property before they decide to make a purchase. The report includes a single survey detailing the condition of your property, an energy efficiency analysis, and a property questionnaire addressing common inquiries.
The single survey is crafted to offer buyers an insight into your home’s condition, considering factors such as the state of the roof, internal and external walls, plumbing, and kitchen features. Moreover, it will cite a market-based property valuation and an accessible review of this information for individuals with special needs.
Next, the energy report provides an efficiency rating for your property – a useful comparison tool for similar properties. This component helps prospective buyers predict heating and running costs that they may incur.
The property questionnaire shares crucial details like your council tax band and any property modifications. It aims at giving answers to important questions a buyer may have, which is instrumental to your solicitor when concluding a sale.
Some properties are currently excused from Home Report obligations, like newly built homes sold directly by the developer and homes purchased under the right to buy scheme.
The single survey and energy report should be conducted by a qualified surveyor, ensuring you enlist someone with the right expertise when preparing to put your house on the market.
Josh Henderson is a seasoned private real estate investor who continually observes the property investment industry. As an active blogger, he shares his fascinating finds. Look out for his articles on property and investment websites.
