Home Buyer Reports: Your Guide
The word home buyer report, or home report, strikes fear into almost every potential buyer. It usually means hours spent analysing paperwork and deliberating property potential. From experience, Etimon know that there is no reason to fear a home report, it can be a very useful tool if used correctly. We’ve complied a list of our top things to consider when looking over a home report.
The first thing to consider is what a home report actually is, it is essentially a survey of a property which included details about the properties condition to help you make a purchase decision. A home report is complied of different sections including about the condition of the house, valuation of the house, energy efficiency and other things like flood risks and factoring charges.
One of the most significant pieces of advice from the experts at Etimon is to keep in mind that, whilst it contributes towards creating an overall picture of the house and its condition, a home report is not exhaustive. Home reports can fail to account for issues which are not immediately recognisable or known to the owner, for example issues under floor boards. With this in mind, in cases of doubt, or particularly when buying an older home, it can be useful to consider getting further survey completed on the property such as RICS condition reports or full structural surveys. New build snagging surveys are also a useful way in contemporary properties to avoid potentially expensive issues.
An obvious but relevant aspect to look for in a home report is the valuation of the property. A home report will be able to give you the most accurate valuation of the home. Valuations included in the home report are often slightly higher than the offers over the price you will see advertised and so can help you to establish a maximum bid, so you don’t pay more than the property is worth.
Another important element of the home report is the properties energy efficiency. With an abundance of industry related jargon, understanding the true efficiency of a property can be difficult. As a rough guide, anything with a band A to C would mean your property is highly energy efficient, with A being the highest band. The average band for Scotland is a D with any property with a brand E – G being considered as expensive to run. In lower bands, it may also be the case that investment may be needed in methods to improve the homes energy efficiency, including insulation or window upgrades.
For an exhaustive list of advice regarding what to look for in your property home report, contact our agents today.