Buyers wary of purchasing a home with costly defects always ask for a home inspection as a condition of sale. If the report comes back with problems, the buyer might use flaws in the house as a reason to renegotiate the price or walk away from the deal. This can be prevented with a pre-listing inspection.
Only a minority of sellers use this tool to anticipate problems in the home. Having a pre-listing home inspection is a great idea that offers many advantages to you, so you can price your home right for sale and minimize the need for renegotiation. It can be a pro-active step with good practical and marketing value for you and your agent.
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With the information in hand from a pre-listing inspection, you gain an accurate assessment of the condition of your home, so that you can decide what to do before listing. During an inspection, a licensed professional examines the condition of the roof, structure, exterior, interior, insulation, and the electrical, heating, cooling, and plumbing systems.
After a 2-3 hour long examination, the inspector will issue a report that details what needs to be done. If the visual inspection suspects further problems, such as mold or unsafe wiring, he may suggest further evaluation. The pre-inspection report prevents surprises.
A pre-listing inspection is also a reality check. Most homes have problems that develop after years of use that could make the home unsafe or even unlivable.
A good home inspection from a third party will not sound the alarm over cosmetic issues or minor problems. It gives you a way to assure the buyer that the home is sound and of good value.
The inspection uncovers a more serious problem than you want to fix
Armed with knowledge about potential safety issues and the condition of various home systems, you can make repairs and disclose them to future buyers.
Buyers prefer to hear of a problem that was repaired and see the receipts rather than have to worry about doing the repair.
You learn that the home needs a costly repair you do not want to make
If you can’t make the repair, you should consider the cost of repairs when pricing the home. Buyers may want a further discount on the price for repairs that need to be made. Get a repair estimate, you can substantiate the price in view of needed repairs.
Statistics show that buyers ask for $2-3 for every dollar of repairs they anticipate making on a come. You can often make the repairs for less.
Sell Your Home Once
Where having the pre-inspection report done really saves time and money is in the negotiation phase. You are upfront about any known defects the home has, so both the price and the buyer’s offer should be made in view of the condition.
There will be less need for aggravating, costly renegotiation after the contract is signed. Even better, buyers cannot walk away from a deal because of material defects. Once your home is sold, it will be sold.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
