Whether you own a house or you are planning to purchase one in the future, it is understandable that you should want to be thorough when it comes to your largest asset. Is it worth the price? Does it need a lot of renovations?
It is quite common for most property owners to encounter home repair issues, like replacing the broken tiles in the bathroom or the heater and air conditioner not functioning properly.
To make sure that you avoid any potential issues before putting your home on the market, you need to get a pre-listing inspection.
What’s a Pre-listing Inspection?
A pre-listing inspection is a professional assessment of your home’s property. It is exactly like the home inspection a buyer will order when they are attempting to purchase your home. This is done by a professional home inspector.
Once they are done inspecting the property, they will give you a thorough inspection report. This will contain actual findings on what areas of your house need to be improved.
But why is it important to conduct a pre-listing inspection for your home? Here are five reasons why.
#1 Notice any hidden problems
If you think that your house is in great condition, a pre-listing inspection will detect any unknown issues that you may not have noticed before. It can be floor cracks in the foundation, slow drainage around the house, or even moisture in the attic. These issues will likely come up for the buyer’s inspector so it’s best for you to know about them ahead of time so you can mitigate and resolve them first.
#2 Set the right price
For most homeowners, setting a price for your house is not an easy task. It is important that you have conducted a pre-listing inspection beforehand to get all the facts about your home. It’s easier to assess the true value of your home when you have all of the facts. Plus, if you fix the issues that present themselves, you will be able to command a higher price knowing that your home is in the best shape possible.
#3 Avoid buyer negotiations
Before a buyer decides to close on a home, many will first do a buyer’s inspection to check if there are any issues that have not been disclosed by the seller or hidden from view. If you didn’t perform a pre-listing inspection and fix errors beforehand, there is a good chance that they will try to negotiate the price down to a lower value.
Or worse, they might never proceed with the transaction and cancel the purchase.
By conducting a pre-listing inspection, you get to have a head start and have these issues taken care of beforehand.
#4 Have a smoother real estate transaction
As a seller, you need to convince the buyer that the value of your home is worth their time and budget. By presenting them detailed information about the property through the pre-listing inspection report, you are letting the buyer know what they should expect.
A real estate transaction is complex and has many unknown factors. A pre-listing inspection is reducing the number of unknowns, making it smoother and easier for everyone.
#5 Assure the buyer’s decision and confidence
Most buyers are skeptical when it comes to buying a house. They are unsure about the house’s condition, which might lead them to negotiate a lower purchase price or pass on it altogether in favor of a home that may only seem to be better.
When you conduct a pre-listing inspection, you are giving an assurance to the buyer that the house is in great condition. There will be less fuss and stress to both parties, which fosters a mutual sense of respect and trust.
It may very well be the reason someone chooses your house over another!
The property value of your home is determined by its current condition. When it has repair issues, the estimated price that you have in your mind might go down.
Plus, the chances of a buyer wanting to proceed with the real estate transaction will become slimmer. Their skepticism and hesitations may affect their decision, which does not look good for both sides.
That’s why a pre-listing inspection is recommended for all homeowners who are planning to sell their house in the future. The fees for a professional home inspection and subsequent repairs might sound like a lot, but it is better than the buyer finding out on their own and derailing the transaction.
Thank you for the lovely complete information that will be helpful to so many! Hope you are doing well!!
Thanks for your comment, Tom!
Good info. Easy to understand and pass on to Buyers. Thank you.