Useful Information

Do Home Inspections Really Affect Property Value?

If you are in the process of selling your home – whether you are just about to list it or you have found a buyer for it – you probably know that the prospective buyer will want to do a home inspection. Home inspections are now a standard part of the home buying process. Buyers use them as a means of reducing their risk of buying a problematic or overvalued home.

Before you have your home inspected by the buyer, you should know what the home inspection is and its possible impact on the sale of your home. This is vital because the home inspection is one area of the sale where you have the least control. In spite of this, EvolveNV.com says, you can still influence the outcome of the home inspection if you know the right steps to take.

What is the home inspection and what does it do?

The home inspection is a grueling physical examination of a home before its sale is finalized. It takes place after the prospective buyer and seller have signed a purchase agreement. The buyer often makes the completion of the sale contingent on the outcome of the home inspection. If the home inspection report is not favorable, it can hurt the sale of the property.

The home inspection takes around two to three hours to complete, and it focuses on three areas, namely:

  • The physical structures of the home: The home inspector will check the foundation, roof, flooring, basements/crawlspace, attic, walls, and ceilings for damage or defects. They will also inspect the door, windows, cabinets, and other mechanical components.

  • The major systems of the home: The inspection process will also look at the physical condition and function of the plumbing, electrical, and HVAC systems.

  • The appliances in the home: The water heater and furnace, as well as other home appliances will also be examined to determine if they are in good working order.

The home inspection helps the prospective buyer get detailed information about the state of the property. This process needs to be done because most buyers do not have the skills to properly assess the physical condition of a property. The home inspection is also important because sellers will not always disclose the issues with their homes.

From the outcome of the home inspection, buyers can gain valuable insights to make an informed decision about a property. Based on the home inspection report, they can decide if the home needs expensive repairs or not. The home inspection report and the home inspector cannot tell the buyer whether to buy the home or not; that is the buyer’s decision to make.

Can the home inspection affect the value of your property?

There are three possible ways a potential buyer can respond to the home inspection report.

  • Firstly, they can decide to go ahead with the purchase. This happens if the buyer is happy with the condition of the property, as revealed by the home inspection. It can also happen if the buyer thinks the problems with the home are not enough to alter its value. This is the most favorable outcome for sellers.

  • The buyer can decide to walk away from the deal. If a buyer determines that there are too many issues with a property, typically, they can terminate the purchase agreement, without losing their earnest money (Experienced agents will ensure this clause is in their purchase offer agreement). This is probably the worst outcome from a seller’s point of view.

  • Thirdly, the buyer can ask for a reduction in the price of the property. Based on the problems reported by the home inspection, the buyer can press the seller to reduce their sales price. If this happens and the seller agrees, then the home inspection has affected the value of the home.

Note that most buyers will make the completion of the purchase agreement contingent on the home inspection. The home inspection can only affect the value of your home if this is the case. In a situation where the sales agreement is not dependent on the outcome of the home inspection, the inspection will not affect your home’s value.

What to do before the home inspection

The steps you take before the home inspection play a major role in how the home inspection will affect the value of your property. To ensure that a buyer’s home inspection does not negatively impact the sale of your home, do the following:

  • Get a prelisting home inspection

Order a home inspection before you list the home

https://www.lasvegashomeinspections.com/sellers-inspection

This will give you knowledge of the condition of the property and you can avoid future surprises.

  • Do strategic repairs

Based on the prelisting home inspection report you will know the most important repairs to do in the home. We recently did a pre-listing inspection that discovered a dripping water heater, a dozen broken roof tiles and other minor issues that the sellers repaired BEFORE listing the home for sale. The issues were easily fixed and the liability of being blinded sided by a buyer’s inspection was eliminated.

  • Inform buyers of the prelisting inspection

If you do a prelisting home inspection you are bound to disclose the outcome to potential buyers. This can help inspire confidence in buyers because they know you have nothing to hide.

To schedule an inspection, click below: https://www.homegauge.com/appointment/schedule.htmls?execution=e1s1

Bridge Home Inspections

2011 Alberti Court,

Las Vegas, NV 89117

Phone. 702-722-2222

Email. info@bridgehomeinspections.com

Need A Mold Test? Check out our services center or contact LasVegasMoldTest.com to schedule an inspection today!.