Costs Of A HIP
Costs Of A HIP
Mike Ockenden (Director General) gives expert video advice on: Will the cost of a pack vary according to the age of my home?; What if I can't afford to pay for a Hip?; What happens if I don't provide a HIP? and more...
Who pays for a pack?
The seller pays for a HIP, but generally not up front. In fact, as far as I know, all of our members give the option to sellers to pay for the pack on the sale of the property.
Will the cost of a pack vary according to the size of my home?
The cost of a Home Information Pack will vary according to the sizes of homes. If you have a particularly large house, it's going to take longer for an assessor to produce an Energy Performance Certificate or a home inspector to do a home condition report. I think those are the only things that will impact upon the variation of the cost of a HIP.
Will the cost of a pack vary according to the age of my home?
The cost of HIPs shouldn't necessarily vary according to the age of a house; it's more likely to be down to size, or whether it's of a particularly strange construction type. For example, I think a cave was recently sold. I imagine that it would be a bit difficult to assess the EPC on a cave!
What if I can't afford to pay for a Hip?
In terms of affording to pay for a HIP, HIPs are likely to be paid for on the sale of the property rather than up-front. You are not having to dig into your pocket on day one to pay for a packet; it will come out of the sale proceeds.
Can I add the cost of a HIP to the cost of my home?
There's been quite a lot of talk about people adding costs of HIPs to the cost of their home. I think it's really not a very sensible thing to do. Your house is worth what your house is worth. All houses will have Home Information Packs, and the rather strange suggestion by some politicians, that it'll raise the cost of houses up and down the country, is bizarre, in my estimation. Our stamp duty goes up all the time, according to house-price inflation, but stamp duty doesn't determine how much houses are worth.
Will a HIP increase the value of my home?
I think HIPs can increase the value of a person's home, particularly if the information that you find in them is good information. Typically, buyers look around the same location at two or three properties. If yours is of a particular standard and that's evident from the Home Information Pack, you're probably going to be able to demand a higher price.
What happens if I don't provide a HIP?
What happens if you don't provide a HIP and you break the law, is somebody will come around and fine you. It is an offence under the law and you can be fined £200 by a local trading standards officer. That £200 is actually for what they call each event of marketing. If you carried on doing it, they could come around and slap you with another £200 fine, and then another. Anyway, why wouldn't you want to have something that helps you sell your house?