Home inspections have become commonplace in the Ontario real estate industry. In fact, many deals hinge on the completion of a home inspection report that is satisfactory to the buyer involved. Traditionally, the buyer has been responsible for paying for and arranging an inspection after the offer has been accepted. The seller agrees to facilitate access to the home for the inspector, the buyer and usually the buyer’s realtor during an agreed upon time frame before the deal becomes firm.
In recent years, however, some sellers have taken the reins and obtained a pre-listing home inspection before their home even hits the market. There are a number of reasons why a pre-listing home inspection can benefit sellers.
1. Be the first to find out about any problems. Obtaining an inspection before listing a home puts the seller in the driver’s seat when it comes to necessary fixes, whether major or minor. Some buyers will get hung up on small repairs, especially if a few start piling up during a home inspection. By having a pre-listing inspection done, the seller can repair leaky faucets, secure handrails on staircases, improve inadequate insulation, etc. before buyers begin viewing their home. And if there are major issues discovered, the seller can decide how to proceed, attaching any repair estimates or paid invoices to the inspection report.
2. It encourages a firm deal. If a buyer can view a completed home inspection report before making their offer, they know exactly what they purchasing and will likely feel more comfortable forgoing a home inspection condition in the offer.
3. Convenience. By obtaining a pre-listing home inspection, the seller is able to hire a reputable inspector (choose one who is a member of the OAHI – the Ontario Association of Home Inspectors) and schedule the appointment at their convenience.
A pre-listing home inspection also benefits buyers. It will help them determine a fair offer price and decide if they are willing to repair any highlighted issues before making an offer. Buyers will also enjoy a savings of $350-$500 off their closing costs (the typical cost of an inspection).