Last week I mentioned the potential advantages of compiling a House Log Book for your property - but what exactly is it?
First of all let’s talk about what it’s not. It is not a Home Information Pack(HIP). Despite months of will they/won’t they speculation in the press HIPS are now mandatory for virtually all properties. These contain
- an Energy Performance Certificate (EPC),which is a software based calculation which aims to demonstrate how much it will cost to heat the property now and after the introduction of energy saving measures and looks at the impact the property has on the environment;
- a Sale Statement stating the address of the property, name of owner and whether the property is freehold or leasehold;
- evidence of the title (obtained from the Land Registry) and
- Local and Drainage Searches
The packs were originally intended by the government to provide more information upfront to buyers at no cost to them, to speed up the time between offer and exchange and prevent transactions falling through. However they have never been popular with the majority of the property industry, much of the most useful information (in particular the survey) is no longer mandatory, one size clearly doesn’t fit all and consequently they are not really having the hoped for impact.
Buying a house is the biggest financial commitment most people make and if a vendor can demonstrate that they have taken care of a property a client is more likely to be interested in it. After all we’re all more inclined to buy a car with a full service history than without! By compiling a House Log Book any potential purchaser has concrete proof that ongoing maintenance has taken place and home owners have a ready reference to help keep track of essential paperwork and information relating to their property.
It’s never too late to start one, although it is much easier to begin as soon as you take on a property. You can be as detailed as you like. Aim to have a book or file which records the following basic areas:-
- details of any surveys completed on the property
- plans and signed off paperwork for any building work carried out at the property
- names and contact details of any reliable tradesmen who have worked on the property. You could include a list of tradesmen recommended by friends and neighbours too.
- warranties for maintenance work carried out eg servicing of boiler, new windows, replacement guttering
- warranties and paperwork for any white goods etc that you would leave in the house were you to sell it
- decorating details eg makes and shades of paint used
- monthly log of general maintenance carried out by you
If you’re aiming for the delux model then you could also include:-
- details of annual fuel costs
- plans or sketches of projects that you’ve considered for the property but not completed
- a photographic record of how you’ve developed the property or of how it’s changed over time
- any information about the history of your house, particularly if its a period property. In a previous house of ours we found some initials carved into the newel posts on the stairs. A chat with a very elderly neighbour provided us with information about the family who had occupied the house many years before and we duly made a note of this.
- useful information for a new homeowner eg what day the bin or recycling box is collected, whether there is a milk delivery and who to contact, details of you veg box scheme……use your initiative. What would you find useful if you were moving into an area?
None of this is rocket science. It just requires a little thought and forward planning and, above all, organisation. You’ll be on top of your essential paperwork and it will make a difference to potential purchasers, particularly when the market is more uncertain. Vendors are looking for peace of mind at the moment. By compiling a House Log Book you can help ease their worries and one hopes, secure a stress free deal on your property.
Have a good week.
Cally