If you are selling your home, you probably already know that it is the responsibility of the buyer to conduct a home inspection. But you may be surprised to know that many home sellers pay for prelisting home inspections. An inspection will come up with defaults with the property, so you must be wondering why on the earth you would spend money for knowing about defaults with your own property. Here are a few reasons why conducting a home inspection can be a good idea:
If you don’t fix problems in your house and they show up on the buyer’s inspection report, you will definitely lose at the negotiation table. The one solution is to reduce your asking price, but that’s not always the best financial solution.
If you know the problems with the property in advance, you can make repairs before putting the property on the market. Typically, you will pay less for repairs if you do them in advance because buyers might add on extra to pad for unexpected repair costs. They will also factor in the time and efforts put into repairs.
If you tell the potential buyers about defects with the property upfront, you will be able to get through the transaction quickly. When the buyer conducts a home inspection and it comes up with unexpected defects, it will start a fresh round of negotiations before closing. In order to ward off a long process of back-and-forth negotiating, if the repairs are already identified and completed, it could transform the time the house is on the market.
You will be prepared
Knowing about problems with the property’s condition will give you a competitive edge. You will be prepared for any questions buyers can have during the negotiations. You will also know how much impact the defects will have on the price.
If you’ve done everything possible to ready your home for sale, you can list it with your head held high, which helps in the negotiation process. On the other hand, if you haven’t fixed a known fault and are just hoping the buyer doesn’t bring it up, you are probably in for a disappointment.
Identifying deal breakers
Major issues such as foundation, mold, gas leaks, faulty electrical system, and roof problems can be deal breakers. A home inspection can help you identify these issues in advance and fix them.
Complying with the law
In most states, home sellers need to disclose material defects with the property. A home inspection will help you follow your legal obligations with regard to seller disclosure forms.