There are few things more frustrating than getting your property ready to sell, marketing it, holding open homes, finding a buyer, getting through to paperwork, and agreeing on a conditional offer, only for the buyer to have their finance denied at the last minute, causing the deal to fall through.
Except perhaps getting far less for your property than you think it deserves….
So how can you protect your sale and ensure you can get the best price for your property? One of the best ways is perhaps a surprising one – a pre-sale building inspection.
What is a pre-sale building inspection?
Consider owning a business. Before you start selling products or services, you try to think of all the things that could possibly go wrong. You make sure your product is of high quality, find out from others any potential issues, and identify risks. A pre-sale building inspection is just the same.
It’s having an expert come in and assess the building in full, identifying any issues, big or small, that could cause you or future owners problems, from structural issues to weather tightness or internal leakage from pipes or showers. You get a detailed report outlining any red flags or small issues, and are able to use that to improve your home or warn buyers upfront so there are no nasty surprises on either side.
Preparing yourself as a vendor
A pre-sale building inspection is all about giving both vendor and buyer confidence. Knowing what has come up in a report gives vendors the opportunity to fix any issues that may cause problems. More than that, it allows vendors to know where the potential sticking points are, or why someone may come and ask for a discount. Pre-empting those kinds of issues avoids nasty surprises and enables you to set a reasonable asking price that’s unlikely to be undercut by issues from a buyer’s building inspection.
Giving buyers confidence
One property I worked on looked amazing on the inside but had major issues on the outside – something that would have cost $150k to remediate. When a buyer finds that out from an inspection, they’re immediately likely to be put off. But when a vendor is upfront with any issues, they’re unlikely to get a last minute pull out. Instead, they’ll get a buyer who can come into a deal more confident, knowing what they’re in for and having already factored those costs into their budget before going to the bank for financing.
Proving the worth of your home
So often, the things that reduce the value of a property aren’t things that seem fair to a vendor. Whether it’s a recent event that’s happened in the neighbourhood nearby, or stereotypes about the type of cladding, the things that put buyers off can seem out of a vendor’s control – but that’s not always the case. There’s a common misconception that all plaster homes leak, and many plaster home owners have been hit hard by this belief. With a pre-sale building inspection, buyers can be reassured that a plaster home is truly weather tight, meaning vendors don’t risk having the cladding held against them during negotiations. And remember it’s not just plaster homes from a certain period that leak or need maintenance. All homes, new and old, from brick and tile to weather boards and plaster can and do leak. Understand your home before you go to market.
A detailed professional pre-sale building inspection will put the vendor in a fantastic position of strength – able to show what top notch condition the home has been in, or demonstrate that any issues are so minor that they could only be considered normal maintenance. Knowing these things up front allows you, as a vendor, to ask for – and get – the price that your home really deserves.
Now that’s something worth getting.