In the past ten years, a home inspection as a condition on an offer to purchase has been an increasingly common practice. It is simply a matter of buyers making an offer including a condition on the offer that allows them to have the house inspected by a certified home inspector before the sale can occur. An upward trend is that a seller completes a certified inspection before the market release of a home. But why get a pre-sale inspection rather than giving the responsibility to buyers?
A pre-sale inspection should be completed at least one month before the house is put on the market. This helps sellers identify work needing to be completed to increase the value of the property before the marketing begins. For example, the inspection could indicate that the electrical panel must be upgraded to comply with municipal bylaws. This is a project that a seller could undertake before coming to market and advertise the upgraded panel as a feature of the home.
Pre-sale inspection can be provided to future home buyers to give them confidence in the condition of the home and encourage them to make an offer quicker. This could justify the purchase price of the house and avoid offers that are too low.
A pre-sale inspection can avoid last-minute unpleasant surprises, and prevent the purchase of the house from falling through after the inspection. In fact, if the inspection ordered by the buyers points to major defects, they will have the option to renegotiate the purchase price or simply withdraw from the sale, without penalty. Thus you will have lost buying opportunities during the period of conditions, and you will face a new market release, which will certainly be questioned by future buyers.
A pre-sale inspection can cost roughly between $200 and $600 depending on the size and style of your home. It can add several $1000 to the sale price of your home and reduce the time spent on the market. Plus, you'll have a more competitive listing: a bonus when the spring market opens!