Benefits of a Home Inspection Before Listing Your Property
Typically, the party who would pay to have a property formally inspected is the buyer. This step, however, far exceeds due diligence. Namely, before signing their name on the dotted line, a prospective buyer wants to establish the property’s assets and any potential liabilities. Uncovering any budding issues gives them the power to negotiate who pays for any necessary repairs or, in the worst-case scenario, even to walk away from the deal altogether. But what if you were to beat them to it? In a nutshell, getting a home inspection before listing your property increases your chances of having a smooth and pleasant transaction. But let us dive into it with a little more detail, shall we?
It gives the seller a heads-up
If the report uncovers some problem areas, the decision whether to sell your home as-is or invest in repairs is up to you as the seller. Your choice will most likely depend on several factors, but the main point is, a pre-listing inspection offers you one in the first place. Once you are aware of the condition of your home and any defects that may potentially derail the sale, the rest of it is much simpler. You can make a better-educated decision of what work needs to be done and whether you should have it done or not in the first place. In any case, it helps you avoid last-minute surprises.
Knowing what needs to be fixed ahead of time can give you leverage during the entire sale process.
Keep in mind that it is usually worth fixing them unless you’re trying to offload a fixer-upper. First, it can help it show better. Second, you don’t risk the buyer’s inspector finding these defects and having their own contractors fix them, but on the seller’s dime.
It saves the seller money
Yes, having a home inspection before you list your home can save you some cash in the long run. Making the repairs will take the bite out of your wallet, but there is a bright side. Several of them, to be more precise. Firstly, you can price out several contractors, materials, and deadlines according to your preferences. Otherwise, you run a risk of the buyer overestimating the cost of these repairs or hiring contractors for more money than they should be, all at your expense. Moreover, if the buyer discovers any issues that you didn’t know about, they may try to negotiate a lower price on the home during escrow. This can not only cost you money but also delay the sale. The buyer might even walk away from the contract.
Pricing the home is less of a struggle
The price you set for your home pretty much dictates the sales process. A price too high will keep the prospective buyers away. A price too low can make you miss out on money from the sale. Pre-listing inspection on your property helps you find that sweet spot when pricing your home. It does so by providing all of the facts regarding its condition, including its most valuable features and negative aspects. Once you have all the data, you can price accordingly, or even slightly higher if the report comes back flawless.
It yields better marketing
Assuming that you aren’t trying to sell a fixer-upper, getting a pre-inspection can highlight all the selling points in your home. So, it can be a powerful marketing tool as well. Promoting the good results of your pre-inspection in your listing, as well as any upgrades you might have made, further reinforces your asking price and attracts better offers.
If everything is in working order, be sure to promote the details in your listing
It ensures a smoother, more efficient transaction
If a pre-listing inspection discovers any issues, the heads-up is worth a whole lot to the seller. Whatever choice you make after that, be it to disclose the problems to potential buyers or have them fixed before you put the home on the market, it will help sell your home faster. The main reason for this is that the two parties can avoid becoming entangled in lengthy negotiations after the buyer has an inspection. If the buyer’s inspection doesn’t reveal any unpleasant surprises, you will not have to invest much of your time and money trying to salvage the deal.
The transaction process will be a much more smooth and stress-free experience. And this is especially important when you’re also busy trying to pack and move your home long-distance. You’ll be able to focus on making your moving arrangements and finding the right movers who can secure an easy transfer to different parts of the state of Arizona and get you settled into your new home.
A pre-inspection ensures a smoother and faster sale, which is especially important if you have a move on the horizon
Similarly, when you’re aware of what issues will come up during the buyer’s inspection, you’ll have more leverage when negotiating. That way, you have already factored in the need for any repairs and set your price accordingly. If you make everything clear right from the start, buyers are less likely to try and get you to lower the price further.
It cushions the buyer
Buying a home is one of the most significant investments most people make. For this reason, retaining a healthy amount of skepticism is perfectly normal. Buyers will have to calculate what they can afford for the purchase price, combined with upkeep in the future. This is why providing as much information as possible and being upfront about your property can eliminate much of their doubt.
For starters, getting a home inspection before listing your property is a gesture of goodwill. It sends a signal that your home is ‘an open book’ and that the seller is credible and willing to go beyond what’s expected. This, in turn, will set you apart from the other sellers and increase your competitiveness. Moreover, buyers want value for their money, so it can boost their confidence to see that there are no hidden problems with the property and know how you’ve arrived at the home’s value. Even if your pre-inspection report isn’t spotless, the buyer is still aware of this, and that’s what’s important. If they want to move forward with the purchase anyway, it is a good sign that they are a serious buyer.
The above post was written by guest writer Tanya Douglas