Home Information Pack (HIP) fees vary
Consumer Magazine, Which?, revealed a study that households could save hundreds pounds when choosing and purchasing the Home Information Pack (HIP) from an independent HIP provider rather than from an Estate Agent.
Home Information Pack (HIP) is needed before homeowners market their properties. According to a study by Which? – a consumers’ magazine, homeowners can save hundreds pounds when they choose to get their HIP from an independent HIP provider – rather than from the Estate Agent.
It is reported that some estate agents – when handling property sales – may charge up to 50% more on the Home Information Pack (HIP) than those provided by the specialist independent HIP providers, which is equivalent to approximately £300. As reported, the average HIP costs provided by the Estate Agents for a 3 bedroom home is £368 and a flat is £395 (both including VAT). However, the average prices for HIPs provided by the independent HIP providers are £254 and £283 respectively, which are about 30% less than what the estate agents offered.
Even though the independent HIP providers are offering cheaper Home Information Pack, there are still criticisms on this phenomenon. It has been criticised that the study is not as comprehensive – since it does not reveal the extra fees that the independent providers may charge. As stated, the estate agents are responsible and more reliable under the law. If an individual purchased their Home Information Pack (HIP) from an independent HIP provider, their estate agent may still charge him/her for checking whether the HIP meets all the standard requirements before marketing their properties. Other than that, it is also important to check if the HIP independent providers were signed up to the HIP code.
On the whole, whether or not the study revealed the whole picture of the Home Information Pack situation; it is essential for homeowners to understand and do some research before marketing their properties.