While the Real Estate Market in Vancouver has been steady and stable even while other markets crashed and burned; it becomes essential to close every potential cost and opportunity to lose value during the sale.
The home inspection is often a condition of the sale, which allows the potential buyer to see the areas needing maintenance, or likely to add to their outlay in the near future. The typical home inspector will go from foundation to roof; looking at electrical, plumbing, structural or foundation condition, and mechanical condition of heating and cooling units. Buyers look to the home inspector to provide them with vital insight to costly financial investments lurking in the house. This could include aging plumbing or hazardous electrical costs or even pending roofing repairs.
But the smart seller can use the home inspection to their advantage. The buyer often uses the results of the home inspection to negotiate credits or reduce the overall price of the sale. The smart seller can use the home inspection as part of a negotiating strategy, knowing where there may be costs can allow the seller to either repair, restore or rethink the asking price or terms of the sale.
Working with a certified home inspector well in advance of listing your property can reduce the number of days your house stays on the market, as you will have an objective view of the issues potential buyers will see. Some issues are minor in nature and can be repaired cost effectively, keeping them from being an issue for the buyer at all. Other repairs or preventative maintenance can be weighted against the impact they will have on the asking price for the house. It is important when weighing this impact that you use comparables listing prices for house that have recently sold and are currently listed in your neighborhood as that is what the buyer will be using to assess the value of your home.
For the buyer, issues on the home inspection will signal potential cash outlay in the near or long term and will make them wary of the overall value of the home. Knowing how to prevent the issues from emerging works in the same fashion as decluttering, improving curb appeal or repainting walls; it keeps the potential buyer from worrying that there are costly issues lurking around the bend for them.
The real estate market worldwide has become more volatile, and certainly more complex. If you are selling a house in this market, it is prudent to do all you can to maximize your investment and realize as much value as possible. Working with a professional, certified home inspector can be a powerful tool in your arsenal. The home inspection can also be used to make the buyer more confident in your valuation price, as well as making the negotiations for final closing price more successful.