As a buyer, getting a home inspection done helps you decide whether to put in an offer on a property, and how much you are willing to offer. When issues are revealed buyers will often attempt to negotiate a lower price, factoring in what repairs will cost.
When you’re a seller, the home inspection also very much affects you. Here are some frequently asked questions about Home Inspections From A Seller’s Point of View:
Should I get a home inspection done before I list?
It is a very good idea to get an inspector in before you list a property. That way, you know any issues your house has, and can prepare the right list price accordingly. Factor any issues into the asking price. Then, if buyers attempt to offer you less because of an issue, you can know whether it’s fair or not. If you don’t know how much a certain issue decreases value by, you might accept an offer that deducted more because of the issue than is actually fair.
Furthermore, there are some buyers who don’t want to have to pay for a home inspection. When you think about what you stand to make in the sale, the comparatively small price of a home inspection is worth it to keep these buyers interested. Since you want to attract as many buyers as possible, why risk turning some away?
Should I provide a copy of the inspection to buyers?
If you offer a copy of the inspection to potential buyers and their agents it gives them a positive first impression of you as a seller. They may still choose to have their own inspection done to be safe, but either way they will see you as a trustworthy and realistic seller, who they would feel more comfortable buying a home from.
What are some other benefits to getting a home inspection done?
The inspection can tip you off to fixable problems that could lower your home’s value. If something major is revealed you can consider having it repaired, or at least know how much it will lower the value by so you are prepared to negotiate a fair price. What an inspector focuses on, such as cracks in a wall or an exposed wire, buyers will notice as well. Even if these things turn out not to be a sign of a major issue, buyers will be wary of them. So, if you fix these little things (that you might have overlooked) for a small cost, it will likely pay off in the end.
Inspections can also help you know what ADDS value to buyers, and by how much. If the house is found to have a solid foundation, a dry basement, and other positives, your Realtor can specifically mention those things to buyers who could offer more because of them. Some buyers might even decide to put in an offer based on one of these unseen pluses. So, without a home inspection you could miss out on making money.
How can I find a good inspector?
First, ask your Realtor if they provide pre-listing home inspections to sellers. Otherwise, research reviews online and talk to your friends/neighbours about whose services they used and whether they were happy with them. Then, talk to a few inspectors about their experience and their knowledge regarding homes like yours (similar age, type, and condition). Be open with them about issues in your home, because they will find them. A good inspector will help you determine what in your home will lower value and add value.
Fixing known smaller issues before an inspection is a good idea.
How do I prepare my home for the inspection?
You want the inspection to go as smoothly as possible, so make sure the property is accessible and safe for the inspector. Remove items in front of panels, water heaters, furnaces, and other areas inspectors will be looking at. Remove clutter under sinks and in cabinets that contain any electrical or plumbing. Replace dim light bulbs and batteries in smoke detectors.
If you notice any fixable things an inspector would have an issue with (like a jammed window or a broken downpipe from your eavestrough) repair them before the inspection. Even larger projects are worth considering, such as roofing or foundation work. See what it will cost and decide if you can afford it and if it will be worth doing.
Fixing what you can before the inspection means there will be less to go on the report that could have been easily corrected (and therefore less for a buyer to find issue with).
Who should be there during the inspection?
You or your Realtor should be there to let the inspector into the home. If you have a pet, no matter how friendly, have someone take them off-site during the inspection so they’re not in the way. Not everyone is comfortable with animals, and your pet will probably be calmer not being there anyway! Similarly, don’t be too much in the inspectors way yourself. If they need you for something they can ask, but likely would prefer you give them space to work. The easier you make the process on an inspector, the better for everyone.
Any more questions about home inspections in Toronto? Contact us with any questions, and to talk about how our services for sellers could help you.
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