Three important reasons as to why all home sellers should get a pre-sale building inspection prior to putting the property on the market:
- There won’t be any unexpected surprises when it comes to valuation.
- It should ensure a smooth process to the settlement of the contract for your property.
- It will help you to achieve the best market price for the property.
This final point is the most important. Purchaser will already attempt to reduce the sales price. If their own building and pest report raises issues this will give them even more bargaining power. This can potentially lead to a reduction in the offering price by tens of thousands of dollars.
With this form of leverage, any vendor that needs to sell quickly for whatever reason will have little choice but to either fix the situation or reduce the property price just to conclude the sale.
What can I do?
If you want to sell your property as quickly as possible, at a price that you won’t be disappointed with, we at Inspect My Home suggest that you consider addressing potential issues before they arise.
Three most common issues we come across:
1. The property does not have a termite control system in place.
Solution: While there are a number of options, a Termite Management System can normally be installed for between $1,800 and $4,000.
2. Previous termite damage is evident
Solution: Remove and/or replace all damaged timbers within the property. While termites may have been eradicated from the property, any timbers that have been damaged by termite infestation must be reported (which can often be a contract killer).
3. Relevant paperwork is missing
Solution: Have all the paperwork available for potential buyers including building warranties, council approvals, termite management/treatment certificates etc.