When selling a property, you want to show a cared for, well-maintained property and get the best price for your home. However, that is not always possible. Real estate transactions are complicated and things can go wrong. The most common phase where deals go sour is when the buyer orders a home inspection. Issues with the home may be revealed that may make the buyer reconsider the purchase. This is why there are many benefits of a pre-listing home inspection for home sellers.
What Are the Benefits of a Pre-Listing Home Inspection?
1. It Will Help You Price Your Home Correctly
The listing price will determine the number of interested buyers you can get. Some markets have low inventory, but most of the regions in the country have enough stock for a discerning buyer. The buyer is looking for a reasonable list price.
The buyer is usually informed and knows the average list price in a specific area for a particular property. If you are listing your home higher than the average, the buyer will want to know why. If there is no obvious reason, he will decide to move on to another reasonably priced home. A pre-listing inspection can help you narrow down the price range in which you’ll list your home.
2. You Can Negotiate From a Point Of Strength
When you know what you have, that is a strength. You know what needs repairs, upgrades, or even replacements. You know what you’re prepared to allow in credit or what to forego altogether. One of the benefits of a pre-listing home inspection is that it gives you the opportunity to make the repairs before placing your home on the market. You can disclose any items you choose not to fix and gain more confidence with the buyer. The buyer’s inspection will likely tell them this information anyway, so it’s best to be honest about any known problems upfront.
3. Buyers Will Feel More Confident
It is one of the key benefits of a pre-listing home inspection. Buyers don’t want to have second thoughts. Buying a home is one of the most important decisions that most people will ever make. A buyer is going to order their own home inspection, but when it matches up with what you have disclosed to them from the pre-listing inspection, it will build trust. It also tells the buyer that you are committed. If the buyer is not prepared for and ready to make small fixes, they will often not follow through with the purchase. You will save yourself from pursuing a deal that will eventually fall through.
4. It Will Save You Time and Resources
A pre-listing inspection can help reduce the amount of time the home spends on the market. If you know what you need to fix before you list your home for sale, you will have time to get several estimates for the work and choose the best one without a rush. The alternative may be having to take whatever estimate can be completed in time for closing. A home inspection cost is minimal compared to making repairs under a time restraint or dragging through weeks or months of a delayed process.
5. It Gives You a Chance to Fix Any Deal-Breakers
Buying a home and moving in is a significant investment for potential buyers, who want a well-maintained home needing few repairs. If a house requires substantial repairs, the buyer may opt out. If a serious problem is detected during the buyer’s inspection, the buyer might decide to back out of the deal altogether. The most common deal breakers are roof and water damages, plumbing and electrical issues, and missing repair permits. However, all of these things are fixable.
There are many other benefits of a pre-listing home inspection. We live in a time when the buyer can access almost everything. Do not expect the buyer to miss any detail. If you choose not to make repairs or updates, it is best to consider this when pricing the home and disclose the items to the buyer.