Getting your home ready to list for sale can be a big project that requires ample time, energy, and in some cases, money. Your home may have an outdated style and be in need of fresh paint, flooring, and fixtures. More significantly, there may be neglected maintenance issues and even repair concerns that have not been addressed.
Some buyers may base a buying decision solely on the cosmetic appeal of a home, but most also want a home that won’t need serious repairs or renovations. It is increasingly common for buyers to order a home inspection as part of the sales process. You could deal with the results of the buyer’s home inspection or you could be pro-active by ordering a pre-listing home inspection right now.
The Benefits of a Pre-Listing Home Inspection
You likely have a limited amount of time and money available as you get your home ready to list on the market. Ordering a pre-listing home inspection may appear to increase cost and extend your timeline, however, this extra step will help you enjoy an easier sales process because of its numerous benefits.
1. Prioritizing Your Efforts
In many cases, homeowners do not have the luxury of restoring their home to like-new condition while also updating the décor. Prioritizing efforts in terms of importance and return on investment is an essential step, and a pre-listing home inspection helps you to accomplish this goal.
The inspection report documents repair and maintenance work that is required to improve your property’s condition. More than that, the report will help you prioritize the items in terms of serious safety concerns, minor cosmetic repairs, and those that fall somewhere in between.
2. Fewer Delays
You can provide a copy of your pre-listing home inspection to the buyer. By doing so, you’re showing the buyer that your home is in great condition and there is nothing to hide. The buyer will probably order their own inspection anyway, but you reduce the chances of surprises coming up. Additional delays related to negotiations and buyer requests to make repairs before closing may also be bypassed.
3. Easier Negotiations
Negotiations about property condition may occur when the initial offer is made or during the contingency period after the buyer reviews the inspection report. By presenting the buyer with a property that has a clean bill of health upfront, the stress of these negotiations can be avoided. Altogether, you may enjoy a more relaxed process.
4. The Financial Impact
While there is a cost to order a pre-listing inspection and there may be costs associated with making repairs based on the inspection report details, you will likely come out ahead in the long-run. Consider that buyers may be less willing to make a full-price offer if significant repair work is needed. Furthermore, if buyers have to spend their time and energy make repairs, they may negotiate more heavily for a better deal. Because you take the financial question marks associated with property condition out of the equation, you could close with a price very close to your asking price or higher.