Home inspections, in my opinion, are always a valuable tool, and provide an overview of the condition of the property. But an inspection is not just for buyers. A home inspection can also be important for sellers when they are getting ready to list their home.
Here are some examples of how getting a home inspection prior to listing your home for sale can help you have a successful transaction.
Know what you are selling
Location, size of the home, lot size, number of bedrooms and baths are just some of the criteria used to determine a list price in comparison to other properties. Condition is also a big factor in that decision. If you don’t know your condition, you could be pricing your home incorrectly.
Pricing confidence
With the knowledge of the condition of your house, you can price your home appropriately. If the home has a “clean bill of health” or you can repair all the findings, then you can have the confidence to price at the higher price range for your market. And you can also market that you have had a home inspection and that can relieve many buyers’ fears.
Buyer psychology of a house needing repairs
When buyers discover items that they feel need to be repaired, this can lead to the buyers questioning their decision to buy your home. Keep in mind, the buyers are excited to buy your home but also have some apprehension. Even the smallest repair issues, if there are several of them, can scare a buyer and make them second-guess their decision.
Repairing issues prior to listing will save you money
The buyer’s inspector discovered a leaking washer valve in the laundry room. This simple fix required a new ring washer – about a 5-cent part – to replace the existing worn out washer. But since the seller was under contract with the buyer, the buyer asked for a licensed plumber to fix the leaking valve. The seller agreed and had the plumber fix it for a cost of $420.
Had the seller know about this leak, they could have fixed it themselves and saved over $400.
Negotiating power
Since you have already had a professional home inspection completed, you are better equipped to negotiate on price and on buyer-requested repairs. Buyers tend to “round up” for costs of repairs. A list of small repair items, in the buyer’s eyes, rounded up to the buyer asking the seller for a $5,000 credit, when clearly the cost of the repairs would have been well under $1,000.
Some sellers do not want to know the condition of their home, and may say that they are going to “sell it as-is.” But this avoidance can cost you money. Spending a few hundred dollars up front to know the condition of your home can pay off in thousands of dollars when it comes time to price and list the property for sale. Don’t step over a dollar to pick up a penny!