Is Having Home inspection Documents a Worthwhile Idea?
Home Information Packs have now been compulsory for the sale of property for some time now so it’s a perfect time to analyse their impact.
Started in 2007 the introduction was widely seen as a disaster, with parts dropped, launch dates delayed and exemptions granted. That’s largely over and done with now and the HIP has become a familiar part of any house sellers planning prior to putting a property up with an estate agent. One advantage of a HIP is that searches, normally done at the beginning of the legal purchase process, are now carried out the seller and made available to any prospective buyer. This means in theory that searches need only be done once, though many buyers solicitors are inclined to repeat the exercise in case there are any changes since the HIP was carried out.
An initial problem was the potential price, at one time it was suggested as if costs could reach £1,000, which would be a reasonable problem. However competition amongst HIP providers, plus the omittance of some items like the home condition report, have reduced costs down to below £200. This is not as much as the cost of a nice marketing brochure which many estate agents promote at least for higher value homes.
So does the HIP help in achieving what a lot of sellers demand from Estate agents, namely “Quick House Sale”? Anyone wishing to Sell Property Fast must have a HIP just like any other seller, so the provision of a HIP gives no lead. Also the contents of the HIP are meant to speed up the route of purchase once the deal has been settled on. There is little proof that buyers are requesting sight of HIPs when viewing homes and certainly it seems very unlikely that buyers are comparing target properties by studying the respective HIP contents for ideas as to which is the better property.
The energy performance paperwork gives some idea how much a property will cost to run, in relation to heating bills and electricity costs. However this information is more directly found by simply asking the property owner to give you copies of recent utilities bills. And in any case, the cost of enhancing insulation, replacing old boiler technology with new and changing to low energy light bulbs is rarely enormous so energy consumption figures seem very unlikely to be uppermost in buyers minds.
At present costs of below £200 for a HIPs they are probably a good thing. However they should not be seen as a key marketing tool for those wanting a Quick Home Sale. For those having to Sell Property Fast the advice is to revert to the traditional principles of sensible pricing and good presentation of a property.
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