When selling a home, you want the process to be as smooth as possible. One of the many benefits of a pre-listing inspection for sellers is that it can make the whole transaction easier for both parties. Real estate sales often become complicated, so it is best to be well prepared when you list your home for sale.
What exactly is a pre-listing inspection? As the name suggests, it happens before you list a property on the market. A professional home inspector inspects major components and systems in the home and provides a detailed inspection report explaining the conditions and any issues.
Here are more benefits of a pre-listing inspection:
1. You have time to decide what to improve.
A few home upgrades can go a long way in backing up your asking price. However, any shortcomings on critical areas of the house such as the roof, heating and cooling system, plumbing, or structure can significantly dent your asking price.
An inspection will reveal issues in your home whether it is completed before the listing or after an offer has been placed. If you have this information before you put the home on the market, you will have time to weigh your options, get multiple estimates from contractors, or even save money by fixing smaller things yourself.
One of the benefits of a pre-listing inspection is that it buys you time to do any repairs and upgrades as you see fit.
2. You can know the rough value of the home.
You’ve probably researched comparable homes on the market in your area to determine your asking price. While this is a good start, it can only give you a general figure. Listing price should be specific. There is no room for guesswork.
To get a more accurate figure, use a pre-listing inspection as a tool. The inspection report will detail the general and specific conditions of the house, allowing you to price your home accordingly. By knowing the items that would most increase your home’s value if they were upgraded or repaired, you’ll be able to get the most money for your home.
3. You can negotiate from an informed position.
Some people choose to not perform any repairs or upgrades before listing and try to sell the house in its present condition. However, one of the benefits of a pre-listing inspection is that you know the home’s strengths along with its weaknesses.
If there is a new HVAC system or roof, you can use that to rationalize your asking price. If surprises arise from the buyer’s inspection, you might not have time to defend your price and the negotiations may not wind up in your favor.
4. It is one way you can avoid losing money.
Every failed real estate transaction costs money and time. Typically, a pre-listing inspection helps a deal goes through with fewer hitches. When there is full disclosure, there is little room for failed transactions.
Another one of the benefits of a pre-listing inspection is the home seller can stand firm on the asking price by disclosing all the information upfront and basing the price accordingly. By knowing a home’s full condition from the beginning, the buyer is less likely to negotiate or walk away from the sale.