The 5 Benefits of Property Inspection Before Selling
Buyers routinely have property inspections performed for obvious reasons, but why are pre-sale property inspections also important for sellers? Building and pest inspections allow sellers to uncover any issues with their property. Whether it is mould, leaking pipes, pests and termites, issues with electrical wiring, or water damage, property inspections give you a clear picture of your property. As a result, it can set the basis for a more successful sale.
These are five of the most important reasons sellers should have property inspections done before listing their property:
1. Attracts more buyers
One of the most important reasons sellers should have their property inspected is certainty for the buyers. It gives buyers a comprehensive statement on the general condition of your property. Prospective buyers can be confident your property is free of issues like significant building problems, pest issues, or hazards. Alternatively, they can be sure any issues have been assessed and recorded in a full report. They can proceed with the sale knowing they won’t be blindsided by unexpected discoveries. This can accelerate the deal process as you can have issues rectified beforehand and avoid delays and setbacks during the negotiation process when the buyer’s checks reveal unexpected problems.
2. Understand the current condition of the property
Property inspections give you, the seller, an accurate understanding of the condition of your property. These checks can identify minor to major issues, including small cracks and drainage issues that can be easily rectified now to prevent escalation. By getting a professional assessment of your property, you can correct any issues right away. You will also have better leverage during price negotiations, as you can back up your claims about the condition of your property with authoritative opinions from experts. Finally, knowing the true condition of your property also gives you a better basis for determining its value, for an accurate valuation and a realistic expectation on the asking price.
3. Predict future costs
Getting your property comprehensively inspected before sale allows you to predict future costs with accuracy. For example, you might be planning to replace various systems like piping and plumbing, heating and cooling, or electrical wiring. Alternatively, you might like to have them assessed for wear and tear and likely replacement time frame. This information can help you during the selling and negotiation process, as you can claim with confidence these systems are still in good working condition.
Either way, knowing future costs gives you a better basis for planning and budgeting as well as negotiation. You might decide to have different systems replaced before listing your property. For things that are in good condition and do not need replacement, your inspection reports allow you to highlight this fact with buyers for potentially a better price.
4. Sets your expectations
You will want to go into the sale with a correct, accurate perspective of the value of your property. Property inspection reports reveal hidden factors that affect the value of your property. With comprehensive reports in hand, you can set your own expectations around the price and sale of the house with confidence. This can set the basis for easier, expedited negotiations where both you and the buyer are on the same page.
In addition, you will also have a good foundation for answering any questions that prospective buyers may ask. With the transparency and authoritative perspective on your property, thanks to the professional inspections, you can give buyers more confidence and encourage them to make better offers and transact more quickly.
5. Peace of mind
Having property inspections carried out by professionals before you sell gives you peace of mind. They provide you with detailed, critical information on the “health” status of your property and its systems, from the air conditioning to plumbing. For example, structurally sound properties in good condition attract higher value. If your inspection comes back all clear, you can advertise your property and transact with the confidence that prospective buyers won't find an issue later. This could turn away buyers or allow them to negotiate the price downwards.
On the other hand, if your inspections identify an issue, you can rectify it promptly. You will be able to resolve these issues on your terms rather than having to correct them on the buyer’s terms, which could be more costly or time-consuming than you would prefer. Also, you could eliminate the risk of losing interested buyers altogether with deal-breaking discoveries.
We’re here to help
Having property inspections performed before listing provides you, the seller, with a lot of advantages. You will have a clear understanding of the property's current condition and be able to predict future costs of repairs and replacement.
You will go into the sale armed with a realistic take on your property’s condition and its market value. Property inspections also give you peace of mind when it comes to eliminating unexpected discoveries by the buyer with their checks. All of these advantages can help you attract more buyers and transact more smoothly and quickly.
At LJ Hooker, our team is always ready to assist you, whether with obtaining the necessary pre-sale property inspections or any sale-related queries you might have about a successful sale for your property. Voted Australia’s number one real estate brand, we offer over 95 years of experience and excellent market knowledge that can make your selling process as smooth as possible.
Are you ready to sell your property with guidance from Australia's best-known and most trusted real estate brand? Locate one of our experienced real estate agents in your area, and we would be pleased to help.
DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.