Home Inspections - What to Expect
What to Expect at a Home Inspection?
In my mind, home inspections are the most crucial step in the real estate transaction. They are a health check on the home so the new homeowner knows what they are getting into. Home inspections also protect the previous homeowner from misgivings regarding the home's condition. Although they can be stressful and nerve-racking, understanding the home's condition is critical.
Seller Pre-Listing Inspection
Never heard of this? Why in the world would a seller even inspect before listing the property? Here are a few reasons to consider this tactic as a part of your pre-listing routine:
Identify Issues Early: Identifying them early allows the seller to address them proactively. It prevents possible surprises, which could hamper the negotiation with a buyer.
Increase Buyer's Confidence: Providing the seller's inspection report can reassure buyers of the home's condition, which decreases the likelihood of negotiations falling through.
Assist with Pricing: Understanding the home's condition can assist in understanding what price to price the home. Bringing reality into the situation is vital to understanding where to price the home. It also depends if you are willing to work on the items or leave them to the new homeowner.
Speed of Sale: When you have fewer negative items to discuss in a negotiation, it cuts the negotiation time. It also tends to bring in more money. Despite traditional thinking about selling a home, time on the market is never your ally in negotiation.
Competitive Edge: Transparency is essential in the sale of a home. The process will go smoother if buyers feel they have found a transparent and responsible seller.
Buyer Inspection Advantages
Granted, it's nice to have a seller pre-inspect the home; however, you should also consider having your inspection.
Uncover Other Issues: Home inspectors are not superhuman. Therefore, it is possible that something was overlooked or happened during the period after the seller's pre-listing inspection. It's up to you and your risk tolerance; however, it's always best to consider your inspection still.
Reopens Negotiations: If you found some repairs that are in dire need that you were not budgeting for in your initial negotiations, the inspection is the time to address any MAJOR issues that have to do with the structure of the home.
Plan for Future Repairs: Knowing what repairs are necessary and which are long-term projects is helpful. This will help with budgeting and understanding the condition.
Peace of Mind: Hopefully, the inspection is just a reassurance of your decision to purchase and reduces the chance of surprises.
Summary
Whether you are considering selling or buying, understanding the home's condition is vital to the sale. Negotiations can quickly turn from cordial to upsetting if MAJOR issues are involved. Sellers having a pre-listing inspection is best to mitigate your risks and increase your potential profits from the sale. Buyers have a home inspection, which will give you confidence in your decision to proceed with the sale. Home inspections are a vital part of the sale process that should not be skipped.