Should I Inspect My Home Before Listing It For Sale
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SHOULD I DO A PRE-LISTING INSPECTION BEFORE LISTING MY HOME FOR SALE?
Once you make the decision to sell your home, you will be flooded with many other important decisions to make.. one of which is … should I get a Home Inspection done before listing it for sale?
After reading this article or watching the above video, you will be armed with valuable information to help you make that decision.
As with most things in life, doing a pre-listing home inspection has its pros and cons. Knowing these pros and cons will help you make an educated decision whether to pre-inspect or not. So, I’m going to explain the pros and cons for you right now.
Let’s start with the PROs…
PRO #1- IT REDUCES SURPRISES. Any offer to buy your home will very likely be subject to a home inspection by the buyer’s inspector. It is not uncommon for a home’s sale to fall apart due to problems uncovered by the home inspector. Don’t you think that it would be better to know about those problems and fix them before a potential buyer does? A pre-listing inspection can help you achieve that and avoid such surprises.
PRO #2 – IT MINIMIZES STRESS. You see, uncertainty about the condition of your home can add more stress to the already stressful home sales process. Imagine for a minute, that you accepted an offer… you’re happy, you’re excited … but then you remember that the offer is subject to a home inspection to be done within the next 7 days. Chances are there will be some level of anxiety that won’t go away until that inspection is done. The older your home is, the higher the stress level that you will feel. A pre-listing inspection will drastically reduce that anxiety.
PRO #3 – MORE TIME TO FIX POTENTIAL DEFECTS. If you don’t do a pre-listing inspection and the buyer’s inspector uncovers any major defects, you will have only up till the closing date to fix those defects. With this limited time frame, you could find yourself scrambling to get everything fixed on time. On the other hand, a pre-listing inspection allows you plenty of time because you will fix the issues before listing the home for sale.
PRO #4 – LESS RISK OF PURCHASE PRICE REDUCTION. It is very common for buyers to use the defects uncovered by their home inspector to negotiate a reduction of the agreed purchase price so that they will fix the defects by themselves. An important thing to note here is that the price reduction is usually larger than what it will cost you to fix the problems by yourself. A pre-listing inspection again, reduces the chances of this happening.
PRO #5 – IMPROVED BUYER CONFIDENCE TO OFFER A HIGHER PRICE. You see, for most people, buying a home is the single largest purchase they will make in their lives so they are understandably sceptical about a home’s condition until their home inspection is completed. As a result, they tend to offer less for the house. However, if they know that a professional inspection was already done and any defects that were uncovered have been fixed, they’ll more confidently offer a higher price.
PRO #6 – BETTER SERVICE FROM YOUR AGENT. You see, knowing the actual state of your home will enable your agent to do a better job of helping you sell it because they will be able to price it more accurately, attract buyers more easily and negotiate more confidently on your behalf.
Those are the pros... Now, let’s discuss the cons…
CON #1 – YOU HAVE TO PAY FOR THE INSPECTION. Yes, it’s going to cost you some money… anywhere from $300 to $1,000 depending on the type, size and location of your home.
CON #2 - DISCLOSURE REQUIREMENTS. If your home is listed by an agent, you should know that they are required by law to disclose any major defects uncovered by the inspection to potential buyers. If, on the other hand, you’re selling it by yourself and you decide to not disclose the major defects, the buyer’s inspector will likely discover them. So, you’re better off addressing the problem before listing your home for sale.
CON #3 - DOUBLE INCONVENIENCE. Sometimes, the buyer will rely on your pre-listing inspection report to make their decision. Other times, they will have their own inspector inspect your home... which means that you may experience the inconvenience of an inspector going through your home twice.
So as you can see, the home inspection process is one of the most difficult hurdles to scale in a real estate transaction so it pays to be very proactive about it.
Buying or selling your home doesn’t have to be stressful. Remember… when you seek our help, you will have a memorable experience.
I hope you found this information helpful.
If you have any questions
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