Having a home inspection conducted prior to listing your home for sale can help you market your home and attract more buyers. It can also better help you prepare for the sale of your home by providing you with more information about your home and any potential issues that need to be address before granting potential buyers a walk-through.

Benefits of a Pre-Listing Home Inspection

Traditionally, prospective buyers are the ones who hire a home inspector to help identify any major issues about a property that they are about to invest in. However, home inspections can provide buyers with great negotiation power, even if only cosmetic issues are identified in the home inspection report.

When a seller opts for a home inspection prior to listing their home for sale, they provide themselves with the opportunity to address and repairs issues before buyers can use it as leverage against the asking price or other terms of the purchase agreement. Even if your pre-listing inspection identifies a large, time-consuming, or expensive repair you now have the opportunity to adjust your selling terms to reflect the issues and still be fair to your own self interests.

If no concerns are identified on your home inspection, you can market to potential buyers that your home is in excellent condition and potentially start a bidding war between buyers looking for a house that is move in ready.

To Make or Not Make Repairs

Some repairs make more sense to repair than to leave as is. These types of issues are often easy fixes or cosmetic issues that can turn away prospective buyers. From patching holes and replacing damaged or missing outlet covers to making repairs to a leaky roof should be fixed prior to listing. Known defects to a home must be disclosed to a buyer—if they are present. Patching holes and replacing outlet covers are simple and inexpensive—and surprisingly petty issues that cause buyers to turn away from your home. A leaky roof would need to be disclosed and can prevent interest in your home.

Other repairs, like time-consuming or expensive projects can be disclosed to the buyer and factored into a reduced asking price. This is because these types of repairs likely won’t increase your bottom line or could cause you to lose money on the sale of the home. Roof replacement, water damage, termites, foundation issues, or defective siding are just some of these types of major repairs.

Factoring Needed Repairs Into A Reduced Asking Price

Finding out your home is in need of major repairs can disrupt your original selling plan and asking price. However, learning of the issues prior to a buyer conducting their own inspection keeps the negotiating power in your ball-court.

One of the best ways to maintain power in setting your asking price is to hire a contractor to conduct an estimate for repairs. Provide this estimate to potential buyers and factor in the cost they are facing into your reduced selling price. For example, if the home has a section of mild water damage that can be fully repaired and restored for $8,000, then list your home for $10,000 less. This slight overage allows for leeway in any unexpected repair costs and convenience sacrificed by the buyer, plus it is more appealing than an even trade in expected costs.

When a buyer discovers the issue during their pre-sale inspection, they hold the negotiation power in modifying the asking price. By opting for a home inspection as a seller before even listing your home you are able to control your asking price. You can prevent low-ball offers on the home—requesting $15,000 or more off of the asking price for a repair you know will only be about $8,000.