How Do Inspections Affect Your Home Sale?
By Kyle Spearin
Home inspections are a standard part of any home sale. It makes sense that a potential buyer will want a sort of guarantee with your home, and a home inspection can offer that. However, home inspections can also affect the sale of your home in a few unexpected ways. In this post, we will explore home inspections and how they can change negotiations when selling a home.
What Is A Home Inspection?
A home inspection is an inspection done by a professional inspector that focuses on the home and everything inside of it. For a seller, a home inspection is a way to ensure and verify that their claims are being made. It can help to prove that a seller actually does have a great home on the market, which can be beneficial for closing a deal. More importantly, it can protect the seller from future claims that a problem existed when one didn’t.
From the buyer’s perspective, a home inspection is all about ensuring that the buyer is safe. With a home inspection, a buyer can guarantee that they aren’t getting a “lemon” so to speak. Since home inspectors evaluate the home and everything in it, they can point out certain problem areas—or even if there is a likelihood of repairs coming up soon. This can ensure that the home is well worth the investment on the buyer’s end. If the home has flaws, that is very important for a buyer to know before making a purchase.
What Does A Home Inspection Cover?
Home inspections cover everything within the house, which is why they can influence the sale quite a bit. A home inspector will look at the yard, the home’s foundation, and even the appliances. They will look at any full-time part of the house, as well as the condition of these elements. If your roof is due to be replaced, a home inspector will notice and they will absolutely tell the buyer.
How Can A Home Inspection Influence A Sale?
Home inspections can influence a sale in a lot of ways—and not all of them are good. A home inspection could be the difference between you selling your home and being unable to find a buyer, which is why you should always listen to a home inspector. If they spot a serious problem, you will need to deal with it before you can sell it.
A home inspection can change the price of a home, drive buyers away, or prove that your home is amazing. Depending on how the home inspection goes, you might just find that your sale does not go as planned—or it might not happen at all!
The Effects of A Bad Home Inspection
A bad home inspection is a very unfortunate thing for a homeowner. Anyone looking to sell a home will struggle to do so if the home inspector is able to find obvious flaws. This is really for the buyer, and it is a fair thing to do. Before you sell your home to someone, it should be in good order. At the very least, any obvious problems should be considered and addressed in some way. A bad home inspection will send most buyers running for the hills.
The Effects of A Good Home Inspection
A good home inspection is a dream come true for a homeowner. This is because, in most cases, a passing home inspection will solidify your asking price. With a good inspection, you can show your potential buyers that the home is absolutely worth it. This can play a large role in helping them to see the value of the purchase, which might even convince them to act more quickly before the home gets sold to someone else. It really can be the final factor that pushes a sale to be finalized sooner rather than later.
Home Inspections and Pricing
Home inspections play a very big role in pricing. If a home inspector comes to check out your home and finds that it is in great condition, they will be able to show that your asking price is completely fair. This is a way of ensuring that someone isn’t paying too high for a home with hidden problems.
On the other hand, if you do poorly on a home inspection, you can expect some problems with pricing. Home inspections, particularly ones that reveal any problems, show your potential buyers that your home isn’t worth it. While some might outright leave on that note, others will do something worse: ask for a lower price. Since your home will have problems that need to be addressed, it is normal for buyers to ask that you remove the amount they will spend from the asking price. Depending on the issues, you might lose a huge amount of value from your home.
Home Inspection and Requests
Potential buyers aren’t only interested in asking for a lower price if a home inspection reveals something unpleasant. Some of them would prefer to use it as an opportunity to make requests. It is fairly common for potential buyers to ask a seller to fix the problem. In some cases, the buyer might agree to buy a home as long as any issues are addressed before the official sale date.
Sellers really don’t win with this approach. Ultimately, it means that you will be paying money upfront to even sell the house in the first place, which most people would rather avoid. However, it might very well be the difference between selling the home and not selling the home. It is also important to consider that any other seller will likely have the same requests unless the price changes.
Your home inspection is something that you should prepare for so you aren’t met with any unpleasant surprises. A home inspection really can make or break a sale, so take active steps to ensure a good review. In the end, you will be glad that you prepared for yours!