We commonly associate building and pest inspections with buyers, who routinely commission pre-purchase reports as part of their due diligence to make sure that the property they are hoping to buy is pest- and problem-free.
But did you know that having pre-sale inspections carried out on your property can also save vendors valuable time and money?
Let’s look at the five things that make pre-sale building and pest inspections worth the while when you are selling your property.
1. Accurate valuation and best market price
Having a clear picture of the condition of your property before putting it on the market means that your agent will be able to provide you with an accurate market value and set a realistic, achievable sales price with confidence.
In addition, any reports commissioned by the buyer won’t turn up any surprises that could cost you dearly in terms of having to affect repairs, reduce your sale price, or lose the buyer’s interest altogether.
2.Identification of issues
A comprehensive building and pest report will identify any areas that need attention, from plumbing to termites, wiring to mould. While you are unlikely to invest large sums of money repairing major faults, you will probably want to rectify the easy-to-fix faults before going to market to ensure that your property is as attractive to potential buyers as possible.
Fixing minor faults on your own terms rather than at the behest of the buyer can also save you considerable amounts of money and time.
3. Buyer appeal
Certified building and pest inspection reports are appealing to buyers. They show that the property is free of significant issues or provide the buyer with the knowledge they need to make an informed decision and proceed with the sale without fear of being surprised by undisclosed faults.
Having the reports ready to go before putting the property up for sale can avoid potential setbacks during the negotiation and can be an important point of differentiation between your property and others on the market.
4. Negotiating power
There is nothing worse than being blindsided by a buyer’s pre-purchase inspection report that identifies faults or issues you knew nothing about and gives extra leverage in the negotiation process.
Being able to produce independent condition reports on your property will strengthen your negotiating position considerably and provide excellent credibility.
A full building and pest report will also give you the knowledge you need to answer any questions a buyer or agent may have with authority and confidence, creating transparency and building trust in the negotiation process.
5. Peace of mind
Knowing that there are no issues with your property gives you enormous peace of mind when it comes to the sale campaign. You can confidently discuss the building with potential buyers and be sure that their own inspections will not provide grounds for significant price reductions.
If your inspections do identify some issues, you have the chance to rectify them before you go to sale or document them clearly for prospective buyers. In either case, you will be forewarned of any potential pitfalls and able to deal with them coolly and calmly in your own time.
Final thoughts
Having your home independently inspected and assessed before you put it on the market will provide you and your real estate agent with invaluable knowledge about the property, smoothing the way for a successful sales campaign and an optimum outcome.
To make the inspection process as quick and efficient as possible, ensure that your inspector can access the subfloor, roof space and any utility boxes. Move large furniture away from the walls and park your car outside the garage before the inspection. Finally, have ready any documentation regarding previous inspections, pest treatments, and council approvals or plans to help your inspector.
The small cost of professional building and pest inspections is well worth it. Ask your agent to recommend the best building and pest inspectors.
Other buying, selling and investing articles and resources
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Disclaimer
DiJones Real Estate, together with their directors, officers, employees and agents have used their best endeavours to ensure the information passed on in this document is accurate. However, you must make your own enquiries in relation to the information contained in this document and seek advice from your financial advisor, broker or accountant to ascertain its application to your circumstances.
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