Every month, hundreds of individuals are met with unexpected maintenance issues that cause their homes to fall out of escrow. Sellers commonly list their homes with the expectation that the buyer will pay for any necessary inspection. They make this assumption partly because they are often certain that their home is in prime condition and ready to sell. However, this can be a costly move – especially in today’s market. A home on the market for an extended period of time raises questions for potential buyers – so if a home falls out of escrow, and the on-market time is extended, this can be concerning for the seller. To avoid such an expensive mistake, there are a few home inspections that you, the homeowner, can complete before listing your home. Not only can you create a more competitive market for buyers, but if your home is in exceptional condition (and you can prove it), you could potentially increase your listing price.
- Asbestos. Today, most homebuyers will not consider a home without assurance on the
absence of asbestos. If asbestos is present and becomes airborne, it can be detrimental to one’s health – or even fatal. Unfortunately, if your home was built before 1975, there is a high probability that asbestos is present – so getting to the solution before hitting market can help you sell.
Average Cost for Asbestos Inspection: $400 – $800 for initial inspection and $200 – $400 for the follow up.
- Mold. Not only can the odor be deterring and raise questions about the cleanliness of the home, but mold is also hazardous to one’s health. According to the CDC, mold can cause throat irritation, coughing or wheezing, eye irritation, and skin irritation. Selling your home in this condition can be damaging not only to the bottom line, but also to the long-term health of potential homebuyers.
Average Cost for Mold Inspection: $300 – $500 to test an average-sized property.
- Pests/Bugs. The presence of pests during an inspection, when found in escrow, is not always an immediate deterrent for buyers. Typically, buyers will use the presence of pests and bugs as a negotiating tool to reduce the price of the home. For this reason, it is usually better to complete the inspection, which typically costs far less than the reduction a homebuyer might ask for.
Average Cost for Pest Inspection: $100 to test an average-sized property. Some companies will even provide a free annual inspection.
- Plumbing. Many home buyers are fearful of buying a home that has plumbing issues – not only because of the financial burden plumbing complications may cause, but also because of the strain it places on daily living. Backed up toilets, dirty water, and non-functioning showers are all events that can cause unnecessary stress. If you get this inspection done ahead of time, you can help reassure your buyers that they will have a smooth transition into their new home.
Average Cost for Plumbing Inspection: $300 – $500.
Consider A Full Home Inspection
There are a handful of additional inspections that we would recommended, including assessments of the roof and the foundation. If your roof is over ten years old, you will certainly want to ensure that it is still functioning properly and safe. If your home is older, you may want to consider a foundation inspection as well.
However, to save money and time, many companies today are offering full home inspections, which generally include an inspection of electrical systems, interior plumbing, the roof, the foundation, heating systems and central air conditioning systems, visible insulation, floors, windows and doors, walls and ceilings, basements, and a structural assessment. The mold and asbestos are not typically included, but are usually offered at a discounted rate.
The cost of a home inspection can be around $400 for a 2,000-square foot home.
This is a small cost easily offset by the ability of a full inspection to boost the value of your home.
When NOT to Have Home Inspections…
If you are trying to sell a home that is a fixer-upper, ordering inspections can be damaging to your sale. You may already know that there is extensive damage – but generally, with a fixer-upper, the seller is already selling the home at a discounted price. In this situation, homeowners are not recommended to waste their time or money on any inspections.
How We Can Help.
If your home is in pristine condition, but you are not looking to put in the efforts to sell; or if you are looking for a quick sale on a fixer-upper; or if you are a homeowner anywhere on that spectrum, contact us today. We buy homes in all conditions, for all cash, at competitive prices!