Home inspections are helpful to both buyers and sellers of property and, according to Mike Holmes, are even more beneficial when you get it before listing your property for sale. When a home inspection is properly conducted, it thoroughly evaluates your property’s features and components, including the foundation, roofing, as well as the plumbing and electrical systems. Even if you are unable to fix all the issues that the inspection found, your real estate agent can pass on the information to potential buyers. They will be able to take the fixes into consideration and effectively plan out their budgeting to see if they could manage the fixes should they buy your property.
It’s important to disclose any issues your property may have because potential buyers will find out about them one way or another, and once they do, they will not want to work with you to renegotiate.
The Paul Davis experts recommend having a home inspection in advance to avoid:
A Long Listing
Once a home inspection has been made prior to the listing, it’s your opportunity to make whatever fixes you need, so your property doesn’t stay on the market for an extended amount of time. Another great way to speed up the process is by referencing the inspection in your listing, feature sheets, and online. Potential buyers will also appreciate photos with the home inspection report. If you get a hard copy or an electronic copy of the inspection, leave it out for potential buyers; this will show them you’re responsible and, in turn, show you which potential buyers are serious. A home inspection with everything spelled out reduces risk, making homebuyers more willing to pay a little extra for the asking price.
A Decrease in Value
Major factors that can lead to a decrease in your property’s value include location, poor renovations, extreme customization, and bad curb appeal. Although the location of your home and how the neighbourhood evolved after you moved in cannot be helped, you have a chance to fix the other factors.
Defects in a property have a major impact on its purchase, so an inspection is a way of measuring the condition of your property to demonstrate to sellers and buyers how much damage needs to be repaired. A home is one of the most important and expensive purchases people make in their lives. They want to get the best one with as few reparations as possible. This will save them money later on, as the permanent features, like structure and installation, have already been appraised or fixed to last a long time.
Instead, a new buyer will be able to invest in customizing their new home. But this doesn’t mean you should conceal issues that you can’t afford to fix. It’s only a matter of time before buyers find the defects and your concealment of them will bring the value of your home down if they choose to still buy your property.
Renegotiation
If you can afford it, make the reparations on your property before putting it up for sale. However, if this is not possible, renegotiation is not the end of the world.
If a home inspection reveals defects in your property, but your contract with the buyer stipulates that you are not required to fix them, be prepared to make fixes in other areas if you want to complete the transaction. You may have to lower your asking price as a compromise or repair the large issues before handing the keys over to the new owner. Homeowners often panic when they are forced to renegotiate, but by making sure you get all the facts about the repairs the buyer asks you to do, you will experience a minimum of anxiety and a smoother transaction overall. Knowledge is power, and with effective planning and budgeting, we guarantee that you will sleep better.
Your Home Expert
With the Home Inspection Act having passed in 2017, home inspections have begun to significantly improve. Remember to find a reputable home inspector that is qualified, licensed, and insured so you and potential buyers get quality results. When you need to recover, reconstruct, or restore your property, the Paul Davis experts are there to help you by applying their 50 years of experience in the industry. We serve many areas, so contact us today if you have any questions or concerns when it comes to your home.