Can a Home Inspection Give You a Higher Asking Price?

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Can a Home Inspection Give You a Higher Asking Price?

Guest Blog by Rocio Espinoza

Are you selling your home? A home inspection might get you a higher price.

A home inspection is an assessment of a property to ensure that it meets all current building and safety codes.

People's financial transactions when they buy or sell their home are usually the biggest in their lifetime. You can do many things to increase the amount you receive for your property when it is up for sale. The most critical step to take is arranging a home inspection report.

A home inspection is a comprehensive evaluation of a home, looking at structure, upkeep, and sale readiness. The home inspection is completed by a qualified inspector, who conducts a walk-through of the property and writes up a report detailing their findings shortly after.

An inspection report is used to reassure a potential buyer that the home they're purchasing is in good condition. There are, however, several substantial benefits that come from arranging a separate inspection on your own.

An Appraisal Vs. a Home Inspection

However, it is necessary to distinguish between an inspection and an appraisal because they are related but different procedures. Home inspections focus only on the physical aspects of a property; from the structure to the electrics to the plumbing, home inspections are always strictly physical. The inspector will take a detailed look inside your home, going room-by-room, to produce a detailed report on the overall condition of your home.

In contrast, a home appraisal checks the property for major structural problems that could endanger the mortgage company. In addition to evaluating the property's characteristics, appraisals also consider other factors which influence home value, such as the neighborhood, local schools, and other aspects of that nature. None of these external factors are covered by a home inspection.

A Home Inspection Can Influence a Property's Value in a Couple of Ways.

It may seem unnecessary for sellers to spend money on an inspection before putting their house on the market, as most buyers will do the same. To some extent, an inspection is a long-term investment that can raise a home's value and minimize delays and hassles in selling.

When you work with an inspector with extensive knowledge and experience, you will receive an unbiased look at your home and what it has to offer to potential buyers. As an added benefit, before listing your home, they'll point out areas where your house needs some attention, smoothing the sale process. A well-researched report can benefit you in many ways.

Determine Which Repairs Are Required

When it comes to making a strong first impression with a potential buyer, the little things can quickly add up. Even if the overall cost wouldn't be too high, having to make many repairs can be discouraging. A consumer who sees defects right away is unlikely to pay the full asking price or even purchase at all.

A thorough home inspection will spot both major and minor issues that you may have missed. It allows you to correct them before potential buyers have a negative impression of your property.

When you compare the costs of fixing the minor flaws and niggles compared to delaying a sale or being forced to accept a reduced price, fixing niggles and flaws tends to be inexpensive.

Identify the Positive Aspects

Additionally, an inspection report is much more than identifying flaws in your property. In these cases, your remodeling work will show up in an accounting report as a positive.

If you list these assets, your asking price will have a sturdy foundation and be advantageous as a selling point.

Attract More Possible Buyers

The smaller the gap between you and your competitors, the more crucial it is to secure any edge you can gain as a seller. You can show confidence in the property's quality and condition by advertising that the property has already undergone an inspection. This will help to entice more customers and result in a higher sale price.

In addition to this, having an inspection on your property can help you increase your property's value before you put it on the market.

Home Improvements that Could Increase the Value of Your Property

Repair identification can boost your home's value, but it's not only that. A thorough inspection report might identify areas where a few improvements to your home's facilities and fittings could substantially boost its desirability.

Improvements, while always worthwhile, are not all guaranteed to add value. If your goal is purely to earn a higher sales price, then here are a few ideas to keep in mind.

Kitchen Remodel

Kitchens are the most important rooms in a home for many buyers. If your kitchen is outdated, it will be an expensive project to update the appliances and replace the cabinets.

An 'average' mid-range remodel will only recoup around 60% of the money spent on it when it is resold. On the other hand, if an older kitchen that's ill-equipped is a significant obstacle, it could be the key to unlocking a sale.

A fresh coat of paint or stain on the cabinets can give a beneficial lift without the entire remodel's cost and disruption.

Bathroom Improvements

You'll find that a complete bathroom remodel is unlikely to have a positive impact on your home's value, which, on average, only repays around 60-70% of the investment. However, an attractive bathroom is essential to any successful transaction, and there are several steps you can take to make your bathroom more attractive without remodeling it.

Replace your vanity countertops with a different type of material, such as marble or granite, to give your vanity a greater sense of quality and distinction.

Adding new faucets and fixtures gives the home a fresh appearance while costing less while replacing caulk between tiles gives the home a whole new look. These factors can help your bathroom to look more appealing to a potential buyer.

Paint the Inside and Outside

One of the most cost-effective ways of improving your home's appearance is by giving it a fresh coat of paint on the inside and outside. Because it eliminates dirt and mold while also hiding small cracks and scratches, it can be safely used on any surface. Achieve a neat, well-maintained appearance with the overall effect of making your home look well-cared for and conscientiously maintained.

Incorporate Outdoor Living Space

For many buyers, an attractive and comfortable outdoor living space is a highly sought-after feature. A well-planned deck installation can earn back at least 80% of the total cost in resale value.

More upscale additions, such as a hot tub or pool, should be considered with caution. As with most features, these have maintenance and safety implications, which means they tend to serve as active deterrents for people who aren't searching for them.

Roof Replacement

A new roof does not necessarily increase the price that your home will attract unless there is a previous problem. The fact is, it'll definitely raise the likelihood of a quick sale.

Potential buyers will be convinced that a recently replaced roof will not need costly and disruptive repairs for at least three years, putting an end to the stress of dealing with the logistics of moving into a new home.

Of course, if the roof has any issues, you must either replace it or repair it. However, if you are selling your home as a "fixer-upper," you can simply skip the repair and go straight to the replacement.

Upgrades to Your Lighting

Changing the ambiance of a room can be done by upgrading your lighting for just a few tens of dollars. Fittings such as these can help rooms to look more modern, even if they're only restyled. Even more so, a flamboyant fitting over a dining table can be an attention-grabbing centerpiece.

Under-cabinet lighting and other strategically placed lighting can transform an ordinary kitchen into a highly impressive room. Upgrading the lighting in your entryway or foyer will give your property a stronger initial impression when people arrive.

Your home must be presented to every single viewer in the best possible light. One thing to bear in mind is that arranging your own home inspection report can give you a clearer idea of what must be fixed or upgraded, providing a base from which to build your improvements and setting the stage for the upcoming projects. Pre-purchase home inspections can speed up the process of selling your home and help you get a better price.

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