Should a home buyer order an inspection? Should a seller inspect before selling? There are advantages for both.
A home inspection is a thorough visual examination of a property’s physical structure and major systems. This includes an inspection of walls, ceilings, floors, decks, exterior covering, the roof, foundation, insulation, ventilation, plumbing, electrical, heating, and air conditioning. It is important to note that a home inspection is not an appraisal to determine the value of a property, nor is it a pass/fail exam. Rather, it is an assessment by a third-party inspector of the physical condition of the property and any suggested repairs that may be needed.
Buyers
When making a home purchase, including a home inspection clause in the written offer can provide buyers with peace of mind. This clause makes the purchase contingent upon the inspector’s findings, giving the buyer room to renegotiate the price or even back out of the deal if a serious problem is found. However, it’s important to note that this is usually uncommon, as the seller has usually already disclosed any significant issues to the buyer.
More often, inspections reveal less severe defects that aren’t enough to warrant backing out of the transition.Knowing about minor issues can prevent major disasters; and according to the inspection clause, the seller may cover repair costs.
Having a home inspection comes with several benefits, one of which is that it helps buyers become familiar with their new home and learn about maintenance to keep it in good condition. Although attending the inspection is not mandatory, it’s highly recommended for buyers so that they can observe the inspection process, ask relevant questions about the home’s condition, and receive an objective opinion.
Sellers
Before listing their homes, sellers can regain control by conducting a home inspection (or pre-inspection).
When a buyer inspects a home and discovers problems, it can hinder negotiations and increase the cost of repairs for the seller. To avoid any unexpected issues after receiving an offer, the seller can opt for a pre-inspection. This allows the seller to make any necessary repairs before listing the home on the market, potentially increasing the value of the property.
A pre-inspection of a home can be an effective marketing tool for sellers. According to the law, sellers must disclose any known defects in the house. Providing a pre-inspection report to buyers demonstrates that the seller has nothing to hide. It also gives potential buyers a more accurate understanding of the condition of the property.
Suppose there are major problems found during the pre-inspection. When the seller discloses the condition of the property up-front, it decreases the likelihood of the buyer backing out of the deal or attempting to renegotiate the price. This allows both parties to have peace of mind by knowing the actual condition of the home, making the process of buying and selling a home easier. You can ask your real estate sales professional for a list of certified independent home inspectors to ensure that you have all the necessary information about the property.
