Are you looking to buy a new home or sell your current property? Well, from a safety and financial point of view the condition of the electrical installation is paramount. Therefore, electrical reports for home buyers are an essential part of the buying and selling process.
As well as arranging a standard building survey that examines the property’s structural condition you should also obtain a homebuyer’s electrical report because the building survey does not fully check the electrical installation.
A building survey may include some minor commentary about the electrical installation but this is very different to a full inspection and test.
How common are homebuyers electrical reports?
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 property sales in the UK between 2014 and 2015, only 37% of buyers had the electrical installation checked before purchase.
Given that in London it can easily cost over £10,000 to have a property rewired, it’s worthwhile to see if this is needed or not before you buy the property. Having a home buyers report in London will at least give you the knowledge to decide how to proceed.
Why get a homebuyers electrical report?
Electrical reports give home buyers peace of mind during negotiations, as discovering whether there are any defects with the electrical installation before purchase will help to avoid costly repairs later.
If there are defects this could reduce the price of your new home, or the vendor might consider having the defects repaired so you don’t have to.
How do electrics affect the value of a house?
The value of a property is dependent on several factors, one being its condition.
The condition of the electrical installation may already be reflected in the sale price of the property, say for example the property requires a full and extensive refurbishment then rewiring the electrical installation is probably priced in already by the vendor and their agent.
However, if the property does not require refurbishment and the condition of the electrics has not been mentioned in the sale pack, then it’s likely that the electrics are considered to be ok and the property has been priced on this basis.
How to identify the condition of electrical installations
The only way to establish the condition of the electrical installation is by using an electrical company to carry out an electrical report on the property.
This will highlight whether the electrical installation is ok or whether there are defects that need to be attended too and to what level.
How much can remedial works cost?
If only minor remedial work is needed this may cost under £500, but if a new consumer unit is required and the earthing needs upgrading as well as some damage rectification this could easily be over £2,000.
If rewiring is needed, then this could be over £10,000 in London depending upon the property type and your requirements.
Home buyer electrical services
At Hexo we offer two different services for home buyers and sellers. The first is a Domestic EICR, which is a standard Domestic Electrical Installation Condition Report that highlights any defects with the fixed electrical installation and their severity.
We will also provide a quotation for any electrical remedial works required.
Enhanced Home Buyers Electrical Report
Alternatively, we offer an Enhanced Home Buyers Electrical Report. This includes a standard Domestic EICR plus a more extensive written statement from our electrical inspector about the condition of the electrical installation in the property and capacity for future extension.
A quotation for remedial works is also included as with the Domestic EICR.
Both reports can be sent to your mortgage lender, solicitor, and estate agent and used in the negotiations for the purchase.
What will a homebuyer’s electrical report reveal?
Our inspector will conduct a visual inspection as well as dead and live testing of the electrical circuits, and any defects will be highlighted on the report and coded according to severity.
Some examples of typical defects revealed:
- Damaged sockets and light switches
- Non fire rated down lights
- Incorrect or lack of main earthing and bonding
- Non-compliant/outdated fuse box/consumer unit
- Wiring faults such as non-continuous socket ring circuits
- Potential fire risk from cables/accessories
- Incorrectly sized cables and circuit breakers
What does a home buyers electrical report cost?
Our Domestic EICR service starts at £110+VAT for a studio apartment with up to 10 electrical circuits, additional circuits over 10 are charged at £10+VAT each.
Our Homebuyers Electrical Report service starts at £149+VAT for a studio apartment with up to 10 electrical circuits, additional circuits over 10 are charged at £10+VAT each.
It’s easy to get in touch with us by emailing email@example.com, or calling 0207 315 4151.