Should Sellers Get a Home Inspection Before Listing Their Home?
If you are thinking about putting your home in Maryland up for sale, the chances are good that you want to extract as much value from your house as you can. While it’s great to check out comparable pricing in your neighborhood or community, it’s fair to say that you need to understand the fair value of your residence before listing it for sale.
One of the most advantageous ways to establish the fair value of your home is to hire a professional home inspector to evaluate the condition of your home.
When you’ve lived in the same home for a long time, you might fail to notice imperfections or wear and tear that can cause a depreciation on an appraisal. If a potential buyer visits your home, the flaws that you’ve overlooked can turn a buyer off.
Typically, home buyers prefer to purchase a ‘turnkey’ home that’s ready to move into without having to complete significant repairs or renovations (unless they are buying a distressed property with the intention of renovating it.)
If you are unable to completely disclose problems and the condition of your home to the seller, you are putting yourself at risk. Getting an expert home inspection before listing your home assures that your house’s disclosure documents are current and accurate. Additionally, having a recent check helps speed up the closing process and meet buyer demands while the home is in escrow.
Here Are A Few Reasons That A Pre-Listing Home Inspection Protects You
Get Your Desired Asking Price
– Getting a professional home inspection completed before putting your home up for sale gives you an itemized list of flaws and repairs the inspector recommends. Sellers can then choose to make renovations and repairs, as needed to fix the home. One thing to keep in mind is that the potential buyer will get an independent inspection, so if they uncover problems with the property, the buyer could ask you to reduce the asking price or for credit, or request that you make the needed repairs as part of the purchase agreement. As you can imagine, having your property in the best possible condition when you go to market helps you get your desired asking price.
Close On Your Home Faster
– When you take the time and make an effort to get your property in the best possible condition, you increase the chances that you have a speedier closing on the home.
The fewer repairs the new buyer needs to do when moving in, the less negotiating and haggling you’ll need to do when closing the sale.
– Sellers who make an effort to get a home inspection before listing their home demonstrate that they are upfront about the condition of their property. By giving prospective buyers access to this information, you build trust and show that you are an honest seller. Additionally, this report is helpful when negotiating the price of the home. When you have a certified home inspection and make needed repairs ahead of the sale, the buyer has less of a justification to claim a price adjustment later.
Identify Issues Before Potential Buyers Do
Like all products, people want to know as much as possible before making a buying decision. If you do not initiate a pre-listing inspection of your own before putting it on the market, this means that the buyer’s inspector is left to discover all the flaws and likely issues the home has. To continue with the sale, you may need to make repairs to satisfy the new buyer or get much less than you initially sought for the purchase of your home.
Many homeowners might be undecided on whether or not getting a pre-listing inspection is a good idea. First, there is the issue of cost. The cost of this examination usually is based on the square footage of the home.
In some cases, the cost can run from $300 upwards. Some real estate experts maintain that sellers should not spend any money upfront. Instead, the seller should get the buyer to do the inspection, present their findings, and add the cost of the repairs to the sales price at closing. The only drawback to this approach is that if a serious issue with the home gets discovered, it could cause the sale to fall through.
However, if you want to get out in front of problems, a home inspection helps you identify issues with your residence so that you can decide what repairs need to get done before listing your home for sale.
Simple Cosmetic Repairs and Renovation Ideas
Another way that you can increase the eye appeal of your home is by making some simple cosmetic repairs and renovations.
If the siding on your house or your driveway looks dirty and neglected, a power wash erases these blemishes and refreshes the exterior instantly. According to sources, this simple tactic can increase the value of your home from anywhere from 5% – 15%.
Affordable updates that you can make in the interior of your house include applying a fresh coat of paint, deep cleaning or replacing carpeting, getting updated lighting fixtures, or merely dusting some talcum powder in the seams of creaky floorboards to keep them quieter. It’s really amazing how a few minor upgrades can improve your home’s appearance.
Make A Great Deal!
Providing potential buyers with access to the inspection details before they hire someone to do this independently exhibits that you are a reputable seller. A clean – or relatively clean – inspection shows that you adequately maintained and were responsible for the property while under your care.
There’s no doubt that you want the sale of your residence in Maryland to be a ‘win-win’ situation. With a Pre-Listing home inspection, you become an informed seller. Not only that, this report helps you meet all full disclosure requirements, so your sale goes smoother and your closing date comes faster.