With any previous experience in the real estate market, you’re likely familiar with the common procedure of a home inspection, which allows purchasers to have a complete examination of the property before making a purchase. For sellers, would a pre-listing home inspection make things easier and potentially more lucrative?
One of the most important functions of a home inspection is to let potential buyers know if the property has any significant maintenance issues that could affect their decision to purchase it. Often, this leads to back-and-forth discussions about repairs or price adjustments between the buyer and seller. As a seller, conducting a building inspection in advance may help you avoid these kinds of negotiations and finish the purchase at or over your asking price.
Pre-listing home inspections have their benefits and drawbacks, which we’ll go over presently.
Benefits
Repairs can be done ahead of schedule
There is no such thing as a perfect home, and a buyer is likely to request many fixes before the sale closes. Having a home inspection done before you put your house on the market offers the chance to stay ahead of such requests, especially anything substantial that could delay or even sabotage a deal.
Closing time could be improved
Even if your buyer knows you had a home inspection done, they will probably want to do one themselves. While you can’t skip this stage entirely to expedite the sale, you can increase your confidence that they won’t run into major complications that cause you to lose time.
You could get more for your house if you put it on the market
Even if your home inspector requires a home improvement, it can raise the value of your property. However, this isn’t just limited to big-ticket repairs like new utilities or roofing; it’s just as true for smaller fixes like removing mildew from the bathroom or restoring defective blinds.
Drawbacks
You’ll be required to reveal any major issues you’re facing
Depending on where you live, the rules may differ, but in general, if you know about a significant problem with your house, you must tell any prospective purchasers about it. Cracks in the home’s foundation or water or termite infestation are examples of major structural difficulties. In any case, these issues would have been uncovered during the post-offer home inspection.
You may end up adding to your workload
There are several situations in which a building inspection before putting a home on the market is a bad idea. Predicting what a prospective buyer will want and expect from you against what they can handle on their own is difficult. The buyer’s perspective on what constitutes a critical repair may differ from yours, so you may end up spending time, cash, and effort on repairs they never requested.
Conclusion
A home inspection is therefore recommended before listing. Is there a time and a place in your life when you’re willing to put in the effort? It’s essential to engage with an expert realtor who knows the local market and your home’s current condition to provide you with the best advice.