Why You Should Get A Building And Pest Inspection Before You Sell
Even though building and pest inspections are usually the responsibility of the buyer, do you know about the benefits of taking care of these as the seller?
Doing this in advance of listing your property for sale can really sway things in your favour. Building and pest inspections can reveal all manner of issues, from mould and water damage, to problems with the roof or foundations, leaky pipes or faulty electrics and more. Getting these taken care of, or just disclosing them to potential buyers during the marketing campaign, can make a huge difference to the success of your sale. Here are 5 reasons why you should get a building and pest inspection for your property before you sell.
1. It can save you money and give you peace of mind
Let’s assume your inspection will come back with the ‘all clear’. If that’s the case, the exercise has cost you only the money you had to pay for the inspection. However, you now have peace of mind that you have eliminated the risk of a potential buyer being scared away by an unfavourable inspection report after they’ve made an acceptable verbal offer. If however the building and pest inspection is done and there IS a problem, you can quickly arrange for it to be resolved on your terms, rather than having to respond fast and fix it on a buyer’s terms, or risk losing a buyer all together.
2. It can close the sale faster
If a buyer is excited about the property and wants to buy it, then closing the deal is the next logical step. If the building and pest inspections have been done and any required repairs have been taken care of, the buyer may proceed immediately and seamlessly. However, if this was an expense you chose not to take care of, you may pay for it in anxiety as you wait for a buyer to have their inspections done, and nervously hope no problems are revealed. If there are issues, they can seriously affect the negotiation process, or leave a buyer feeling they have been duped and that they’d be better off just looking for a problem-free property.
3. It can give you the competitive edge
In a competitive property market, any small thing you can do that makes you stand out from the competition will make a difference. Being able to validate the all clear on the building and pest inspection not only makes your property more attractive because there is one less thing for them to worry about, it also helps your profile too. By showing you have addressed the important issues and can offer an extra perk of the property – clear building and pest inspections – you market your home as an honest and transparent seller that buyers may be more attracted to, rather than a home seller who has not laid all of their cards on the table, so to speak.
4. The underlying issues could be deal breakers
Until you get a building and pest inspection, you have no idea what issues may be lurking in your property. There may be huge problems that could delay your sale while they are resolved, or tiny issues that you can take care of quickly and economically. This can all happen in the background, without buyers having to be troubled, or given any opportunity to doubt you and then use bad news as a bargaining chip. Having the inspections done before the property is listed, means you can deal with whatever comes up beforehand, rather than it being revealed to the buyer when it’s too late and them pulling the plug on the deal altogether, just when you thought you were on the home stretch.
5. Those issues could lose you money or worse – the entire sale!
The thing you never want during the process of selling your house is an opportunity for buyers to negotiate down in price. Sure, building and pest inspections are ultimately the responsibility of the buyer, but if you choose the position of ‘it’s not my problem’ it may very well become your problem later as a result. If a buyer feels the inspection results are of significant enough concern, they can very quickly decide they want to pay less and your fragile grasp on that magical sales figure starts to slip. Not only can a buyer negotiate the price down from what you had both agreed on previously, it could cost you the sale altogether simply because you weren’t transparent and didn’t put the time in to make sure that the thing you were selling was in tip top condition.
Article Courtesy of First National Real Estate