Do Home Inspections Really Affect Property Value?
Buying a house has always been a part of the American dream. Studies suggest that 80% of millennials desire to become homeowners someday. They are moving out of their parent’s basements and into buying homes. In fact, millennials hold the largest share of homebuyers at 36%.
A house is one of the biggest purchases one will ever make in this lifetime. Considering the amount of money to be spent in buying a house, buyers are very cautious in purchasing a property. They don’t just want a beautiful house. They want a property that is in move-in condition. They are in search of a property that doesn’t require lots of time, money, and effort to repair. Homebuyers want to make sure that the hose they are investing on is in good condition. This is where home inspection steps in.
What is a home inspection?
A home inspection is a visual examination of the physical structure of the property. Based on the visual inspection of accessible features, it determines the present condition of the house, as well as its major systems. The procedure is usually done by a professional home inspector – someone who has undergone extensive trainings and certifications.
Home inspection is usually done during a real estate transaction. Often, it is done at the request of the buyer. The buyers are usually the ones who hire a home inspector. Not only does it help them identify problems that are present in the house, it also gives them the assurance that the house they are interested in is worth investing on. Learning the actual condition of the property can help buyers save a lot of time and money in the long run. Not only is it beneficial for buyers, it can also work to your advantage when selling your house.
Anyone who is selling their house will go through a home inspection. You don’t need a real estate transaction to have a home inspection. If you are eager to know the actual condition of your house, you can hire a home inspector and have the house inspected any time.
Do home inspections really affect property value?
If you’re wondering whether or not a home inspection affects the value of the property, then the answer is yes. This is especially true when you’re selling.
You may not have plans of selling your house right now, but time will come when you’ll be ready to put it on the market. Read on to find out how home inspection can affect the value of your home.
You can make repairs before selling
First impressions matter when selling a house. If you want to sell your house fast and for top dollar, you need to make sure that your house is at its best. A charming and attractive house is definitely an advantage, but you also need to make sure that is in great shape as well.
If you are considering selling your home in the near future, we highly recommend that you have your house inspected before putting it on the market. This will help you identify potential and existing problems in your home.
Structural issues, plumbing problems, electrical problems, roof damage, and water damage are just some of the most common issues found during a home inspection. These issues are costly to repair and may negatively affect the value of your property. By learning about the issues present in your home, you are given the opportunity to fix them before putting your house on the market.
As mentioned earlier, most buyers are in search of properties that are in move-in ready condition. They don’t want to be bothered with repairs. By making the necessary repairs before selling, you are making your house more attractive to potential buyers.
Most sellers don’t have enough time or money to tackle all the issues listed on the home inspection report. That’s fine. You don’t have to fix everything. Just try to tackle as much issues as you can. Repair the roof, replace broken window glass, repair leaky faucets, fix broken appliances and HVAC systems, and patch holes and cracks in the walls and ceilings. By repairing certain issues and making improvements before listing your home, potential buyers will think that your home is well loved and maintained. As a result, you’ll be able to sell your house quickly and for top dollar. Plus, you’ll put more money in your pocket.
Make the buying process quicker and smoother
A home inspection involves a visual inspection of the house’s structure, as well as its major systems and appliances. By checking every aspect of the house, the inspector may be able to uncover issues you may not be aware of. You will also be provided a copy of the home inspection report within 1 to 3 days.
As mentioned above, it is often the buyer who hires a home inspector. Once it’s done, they have 3 options – they would ask the buyer to tackle repairs, negotiate for a lower price or back out of the transaction.
A home inspection is a vital part of a real estate transaction. Buyers are likely to have it done before they agree to buy the house. By performing a pre-selling inspection, there would be no surprises during the selling process. You are fully aware of the issues present in the house. You can either tackle these issues or just leave them as is. If you don’t have enough money to handle repairs, you can just disclose the issues to potential buyers and reduce the price of your home to accurately reflect its condition. They will uncover the truth eventually, so there is no point in concealing these issues.
By disclosing the issues in advance, it will help combat any suspicions they may have and reduce a buyer’s need for a price concession. It will also reduce the negotiation process since there won’t be much left for the buyers to negotiate on. With all the cards on the table, it will eliminate last-minute surprises and strengthen your home’s selling power.
Even if a buyer request to do their own home inspection, they are less likely to back out of the sale due to unsatisfactory conditions.
Get a pre-listing home inspection
Selling their house fast and for top dollar is a dream most home sellers share. This is why many of them spend time and money in beautifying their house. Often, sellers tend to focus on cleaning, decluttering, staging their home. We understand that you want your home to look its best. But if you want to get the most money out of your property, you need to look at the house with a buyer’s eyes.
Having a pre-listing inspection will help you identify the issues you may have overlooked over the years. It will also give you a good idea about the current condition of your house. Equipped with this information, you’ll have the chance to take care of certain things before listing your home for sale. This will help increase the value of your home and make it more attractive to potential buyers.
Having a pre-listing inspection done, you can plan better and possibly a better price on your home. If you’re considering selling your home, please feel free to call us to schedule a pre-listing home inspection.