The Importance of Electrical Reports for Home Buyers
Are you looking to buy a new home, or sell your current property? Well, from a safety point of view the importance of electrical installations couldn’t be higher. That’s why electrical reports for home buyers should be an essential part of the buying or selling process.
As well as arranging standard surveys that examine a property’s structural condition, you should also look at your home’s electrics. In 2016, Electrical Safety First released a compelling study into electrical reports for home buyers.
It found that of the nearly 2.5 million residential sales in the UK between 2014 and 15, only 37% of buyers had the electrics checked before purchase.
Many mistakenly believe property surveys include fixed-wire testing, leaving them at risk of soaring bills, electric shock, and even fire. Electrical reports can give home buyers peace of mind during negotiations and beyond.
Finding any issues in advance will help you to avoid costly repairs later down the line. Additionally, finding defects could help you drive down the price of your new home.
The seller might also consider repairing the issues, so you don’t have to.
How can electrics affect the value of a house?
The value of a property is largely dependent on its condition. For example, a five-bedroom house with brand new fixtures will be worth substantially more than a five-bedroom house in the same area with an outdated system.
This is why electrical reports for home buyers are so important, from a financial point of view. Really, the importance of electrical maintenance can’t be overlooked.
Before signing on the dotted line, househunters should get a true picture of the state of the home they’re looking to buy. This will help them to make an informed decision.
For example, if the house needs to be rewired, or has major electrical issues, the seller should disclose this information. The price of the house can then be altered to reflect the condition of the building.
A rewiring job can cost thousands, so that amount might need to be taken off the asking price.
What can electrical reports for home buyers reveal?
An electrical survey, such as an EICR report, will reveal the condition of all the electrical systems within a house. This includes the fuse board, sockets and wiring.
The inspection highlights what’s safe and what’s not. Your engineer will suggest any maintenance or repair works needed as part of a comprehensive report.
If you’re planning extensive works to the house after purchase, the examination will show whether the current electrics will support it. For example, if you want to extend the kitchen, you will need to know if the current set-up is strong enough to power it.
If you’re selling a house, you could have the work completed before exchanging, or pass the information on to the buyer.
Home buyer services
Electrical safety is extremely important, from both a safety and financial perspective. If the house is in a significant state of disrepair, the mortgage lender might not provide their loan. Therefore, every key area of the house should be reviewed before a purchase is made.
At Hexo we offer two different services for home buyers and sellers. The first is an EICR report. This is a standard Electrical Installation Condition Report, which highlights any faults and their severity. We will also give a quotation for any remedial works required.
We also offer an Enhanced Home Buyers Electrical Report. This includes a standard EICR report, as well as fixed-wire testing. Plus, a detailed electrical inspector’s report on the capacity for extension, a summary of the findings on wiring condition and Electrical Fire Safety issues.
What will it cost?
You can’t put a price on safety, but Home Buyers Electrical Reports and EICR cost much less than you might expect. We offer services from as little as £149, for homes with up to ten circuits.
Additionally, our fixed-wire testing services start from £179. Yet, since Electrical Safety First’s survey showed that the cost of remedying electrical issues after moving in averages £2,000, and in some cases £10,000, paying for an inspection seems like a very cost-effective thing to do.
You can find the full cost breakdown here, but for larger homes or special requirements contact us for a bespoke quotation. Once your report is issued, it can be sent to your mortgage lender, solicitor and estate agent and used in the negotiations for the purchase.
To find out more about the importance of electrical installations, get in touch with us by emailing email@example.com, or calling 0207 315 4151.