Many property sellers do not find the need to conduct property inspections before listing it on the market. The reason for this is that in most instances, property inspections are conducted by the buyers of the property. Sellers opt to forego this cost and deal with inspection issues as raised by the buyer's inspector. However, did you know that having your property inspected before the sale can save you money and help conclude the sale process faster? Here are some of the benefits that are accrued to carrying out pre-listing property inspections.
Safeguards the value of property
A pre-listing home inspection can uncover major faults that can substantially derail the value of property. Most of these issues can be fixed; however, if the buyer discovers them first, he can use them as grounds to negotiate a lower price. Such issues include the following:
• Dangerous faults in electrical wiring systems, e.g. naked or worn out wires.
• Major plumbing leaks and HVAC problems.
• Faulty appliances such as the water heater, washer and dryer, refrigerator, and others.
Identifying such faults and defects can help you determine the way forward regarding the value of your property. You can choose to repair it, or sell it at a lower price so that the buyer can carry out repairs. Whichever direction you take, a property inspection always puts you ahead of the buyer regarding the condition of the property and its assets.
Helps identify disclosure items
A seller has the legal responsibility of disclosing items within a property that are damaged, hazardous, or considered material in determining the price of the building. If a buyer discovers such defects after purchasing the property, you can be sued for non-disclosure. Carrying out a pre-listing property inspection enables you to fulfill this legal responsibility and avoid costly and unnecessary lawsuits.
Prevents last-minute negotiations
You may undertake pre-inspection negotiations and agree on a price with your buyer, only for the inspector to unearth a major defect or game-changing aspect of the property. This will change the negotiation terms and drag the process along as new terms have to be discussed. A pre-listing inspection can prevent these last-minute negotiations as the buyer is presented with the inspection report after showing interest in the property.
Relieves anxiety and tension
A pre-listing inspection can save you the agony of not knowing what the buyer's inspector will unearth regarding your property. In most cases, there is always a defect, fault, or issue that is likely to cause pressure and tension. Having your inspector before listing the property can save you from this anxiety and allow you to make calm decisions before meeting prospective buyers.
A pre-listing property inspection should be a consideration for every prospective property seller. For a detailed, unbiased, and accurate inspection report, hire an experienced inspector who can also give insight on how to handle issues arising from the inspection.