Guide to Home Reports
Everyone selling a property in Scotland must now pay for a Home Report to be produced about their property before they market it to prospective buyers. The Home Report is a statutorily required professional report prepared by a chartered surveyor which includes the following:
- Property Questionnaire
- Single Survey
- EPC ‘ Energy Performance Certificate
- MVR ‘ Mortgage Valuation Report.
The single survey is carried out by a chartered surveyor and is an assessment of the condition of the home, a valuation and an accessibility audit for people with particular needs.
The energy report is also carried out by a chartered surveyor and is an assessment of the energy efficiency of the home and its environmental impact. It also recommends ways to improve its energy efficiency.
The property questionnaire is completed by the seller of the home. It contains additional information about the home, such as Council Tax banding and factoring costs that will be useful to buyers.
The valuation in the Home Report takes into account the condition and situation of the property together with the likely demand for a particular size and nature of a property in a particular area. Comparable sales figures also influence the current market value as well as the eventual sale price. More and more properties are being advertised at ‘offers around’ or ‘offers in the region of’ to reflect the fact that buyers have access to a valuation from the outset.
The cost of the Home Report varies according to the value of the property.