HIPs - Home Information Packs

In just a short time, all homeowners in the UK will be subjected to compulsory HIPs, or Home Information Packs. Before, only four bedroom homes were subjected to the HIPs requirement, but as of 14 December all homes in the UK will be required to have a HIP. The vast majority of homeowners in the UK are unhappy to say the least about this new requirement and many believe it will make selling a home even more difficult because of the added cost. It costs up to £1000 to have a HIP created and that is a barrier for many would be home sellers. The fact that HIPs are a done deal means that the buying and selling process in the UK just became more complicated, more expensive, and longer. The following drawbacks are just a few of the reasons why the new HIP law may make selling your home more difficult.

Money
It has never been cheap to sell a home, but the new HIP law ensures that forever more it will be much more expensive. In fact, up to £1 000 more expensive and that is a price many home sellers simply cannot afford. Using a real estate agent on top of this will simply add a valuation fee, solicitor fee, estate agent fee, and the list goes on and on. When all of these fees are tallied up you will wonder if you can really afford to sell your home.

Time Restraints
Homeowners looking to sell their home as quickly as possible will find that with the new HIP requirement they are unable to. This is a nightmare for those who are trying to avoid repossession or who have purchased another home and cannot afford to pay for two houses at once. The compulsory HIP requirement means that each property must undergo a very detailed assessment and valuation. This tacks on time and money to the home selling process.

Home Ratings
With HIPs, each home will be ranked from A-G based on the home’s condition and its energy performance. Finding out your home is ranked an F or G could make it difficult to sell your house and require a significant investment to correct the issues and make your home desirable for purchase.
It is not known how the market will react to HIPs at the moment, although it is anticipated that the housing market will continue on with little change. This is unlikely because there is now a burden placed on home sellers that will certainly affect the housing market, or at the very least, when sellers are able to list their home for sale.

If you need a quick property sale then contact us without delay. You will not need a HIP to sell to us and there are no other fees involved.

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