HIPS (Home Information Packs) were introduced for English and Welsh properties in 2007.
The HIP contains a number of compulsory documents such as searches, EPC (Energy Performance Certificate) and evidence of title. The EPC gives each home an energy rating so that those interested in buying it can easily compare them in terms of energy efficiency.
These rating certificates should be familiar to consumers as they have been used on appliances for many years. The ratings go from A-G with G being the least efficient with the lowest energy bills. In addition, there is an environmental impact assessments, again on an A-G scale with A being best - this gives an indication of the impact of CO2 emissions.
In addition to the these ratings there are recommendations for improving energy efficiency and to reduce utility bills. The recommendations provided by the Domestic Energy Assessor (DEA) are based on the results of an inspection and cover things such as insulation, energy saving bulbs and type or boiler.
The HIP may include optional documents such as the HCR (Home Condition Report). This condition report gives buyers a ready prepared survey of the property produced by a qualified home inspector.
These HCRs are of particular importance to first time buyers as it save them to cost of paying for a survey themselves.
The HCR is similar to the more familiar Homebuyer Survey and lets buyer or the seller and buyer aware of any remedial works or repair work that is needed on the property.
The condition report:
1. has to be completed by a certificated Home Inspector
2. is written in plain English i.e. it mustn't include technical jargon
3. gives comprehensive information on remedial work and repairs that are required to the property, reducing the likelihood of any nasty surprises after purchasing the property