Many homeowners will re-market a room in their house to avoid buying a Home Information Pack (HIP), Abbey has found.
The new research shows people will look to exploit a HIP loophole, with 82% saying they would use the term study as a codeword for bedroom.
“In order to avoid shelling out for a HIP, 4.5m homeowners with four bedrooms said they would be prepared to market their home as three bedroom home - and describe their fourth bedroom as something else,” Abbey says.
HIPs are now mandatory for selling a four bedrooms or more home, while three bedroom homes will need a pack from 10 September.
Aside from study, 21% say they would use the term playroom, 15% games room and even 4% using library.
But Abbey warns marketing property with a reduced number of bedrooms could make your home appear overpriced.
It says you may be overlooked by potential buyers as 89% use the internet for property searches, with 73% using a bedrooms number filter.
Abbey mortgages head Nici Audhlam Gardiner says while HIPs may be a hassle, it’s best to avoid the loophole.
“By remarketing your home as a two or three bedroom house with a study, you’ll become invisible to thousands of potential buyers that are searching online, specifically, for three or four bedrooms and above,” she says.
“You might also make your property seem over-valued as potential buyers will be comparing the price of your bigger abode against someone else’s, which is likely to appear to offer better value due to the reduced number of bedrooms.”
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