Home Inspections: What Inspections Do Sellers Need to Consider
Home inspections are a critical element when selling your home. The home Inspection helps a buyer evaluate the overall condition of your home and plays a part in determining how much your home will sell for. If serious issues are identified during a buyer’s inspection the result can be the buyer backing out of the sale and choosing not to purchase your home. This would mean more time on the market to find a new buyer and a potentially lower sales price.
The most common contingencies to sales contracts are approved financing and the home passing inspections. It is common for buyers to place a dollar limit on needed repairs discovered during the home inspection. While no home is perfect, the inspection will identify both small and large problems with the home. A leaky faucet is a small and easy repair, whereas a new roof is a major expense and will impact the value of the home.
For this reason, Realtyweb.com recommends that inspections be completed upfront by the seller. The key advantage is the potential to eliminate inspection contingency in the contract. The price can be negotiated based on a full disclosure of information by both the buyer and seller. The buyer understands the condition of the home based on the independent inspections that are provided prior to writing the contract. Having an inspection prior to listing the home also grants the seller time to make needed repairs, which will speed up the closing process.
What Inspections are Needed Before the Sale?
General Home Inspection. A qualified home inspector will complete a walk-through of your home. A general home inspection will cover most structural concerns. This includes issues that involve the walls, floors and ceiling of the home. The inspection includes a roof and foundation inspection which includes looking at the attic, insulation and ventilation. If there are concerns the inspector might recommend bringing in a specialist. Inspections also include areas like landscaping and drainage issues, driveways and fences, electrical and plumbing and appliances and HVAC systems. Any problems or issues identified are put into a report.
A general inspection usually does not look at asbestos, radiation, lead, mold or mildew, or termites. If these inspections are desired they would be done in a separate inspection.
Termite inspection is completed for most home sales. Termites are ant like insects that eat away at the wood in your home. With most US homes made of wood, termites can cause a very expensive problem. Many lenders want to see any termite issues addressed before approving a loan to purchase the house.
Chimney inspection. This may or may not be part of the general inspection. Whether the fireplace is used or not, the structure of the chimney should be evaluated. This can impact the structure of the adjoining wall or even the foundation. If the chimney is used it is recommended that the chimney be cleaned and evaluated each year.
It is better to get all inspections up front and know what repairs you are dealing with. This is advantageous to both the seller and the buyer. The seller can choose to make repairs ahead of time leaving no surprises during the escrow process. This will speed up closing and ensure the house is priced correctly from the outset. If you wait and have the buyer complete the inspections, it leaves room for the buyer to re-negotiate a lower price, and can delay closing while repairs are made. To learn more about services at Realtyweb and Rob Roham, broker, visit https://www.realtyweb.com