Home Reports in Scotland

Home reports good news for hard-pressed first-time buyers

All homes marketed for sale north of the border will now require a home report to be made available to all prospective buyers by the seller. The pros and cons of the new initiative have been debated exhaustively and - although not welcomed in all quarters - the Scottish Government has now decided to proceed.

The Home Report consists of three documents - the Single Survey, Energy Report and Property Questionnaire. By law, the first and second items of the home report - the Single Survey & Valuation and the Energy Report - must be carried out by a chartered surveyor who is an RICS member. The property questionnaire will be completed by the seller or the seller's agent.

The benefit of the new home report to buyers is they will obtain more comprehensive information on the property in comparison with the more commonly used mortgage valuation report.

Not only will the home report include everyday information such as accessibility issues and its council tax band, but it will also contain details on the condition of the property, its energy-efficiency rating and - crucially - its valuation.

While Scotland's 'offers over' system may have confused prospective buyers about what a property may be worth, the home report valuation provided at the start of the process and carried out by a chartered surveyor who is a member of RICS Scotland will clarify what the property is worth in the prevailing market.

Additionally, home reports will save buyers money by removing the need for multiple surveys on properties they may be interested in buying. It follows that sellers, too, will benefit from the new system because they will not have to pay for surveys on the homes they are interested in purchasing. Home reports are especially good news for cash-strapped first-time buyers.

Author: Keith Jones