MAKE NECESSARY REPAIRS.
Of all the things homeowners control when selling their home, the condition of the property is the most important. There are probably some problems in your home that you have become used to. Attend to them now. A serious prospect will likely have a professional home inspection. Making repairs beforehand will leave less for the prospect's inspector to find.
Repair all items that fall into the following 5 categories:
1. Any major defect such as a structural problem.
2. Small defects that lead to major defects such as a small roof flashing leak.
3. Items that may hinder your buyer's ability to finance, legally occupy, or insure the property.
4. Any safety hazard such as a missing hole covers at the electrical panel.
5. Minor items noticeable to prospects such as a leaking faucet.
Tip: Save repair receipts for tax purposes and for inclusion in your promotional packets.
DON'T MAKE REPAIRS YOURSELF IF YOU ARE NOT QUALIFIED.
· Your prospects or their inspectors may recognize sub-standard work.
· Doing it yourself may take too long.
· You could create a safety hazard.
· The value of your own labor is not tax deductible.
· You will be blamed for faulty repairs discovered later
PREPARE FOR THE INSPECTION.
· Remove dogs - Inspectors don't like getting bit
· Sweep the chimney - Inspectors need to see up it
· Move things away from the basement walls - Inspectors need to inspect the foundation.
· Clear a path to the attic access and electric panel
HAVE YOUR HOME PROFESSIONALLY INSPECTED PRIOR TO PUTTING IT ON THE MARKET
Eventually your buyer is going to conduct an inspection. You may as well save yourself headaches and know what they are going to find by getting there first.
Having an inspection performed ahead of time also helps in seventeen other ways:
1. You can choose Affordable Home Inspections, a certified NACHI inspector rather than be at the mercy of the buyer's choice of inspector.
2. You can schedule the inspections at your convenience.
3. It might alert you of any items of immediate personal concern, such as radon gas or active termite infestation.
4. You can assist the inspector during the inspection normally not done during a buyer's inspection
5. You can have the inspector correct any misstatements in the inspection report before it's generated.
6. The report can help you realistically price the home if problems exist.
7. The report can help you substantiate a higher asking price if problems don't exist or have been corrected.
8. A seller inspection reveals problems ahead of time which:
· might make the home show better.
· gives you time to make repairs and shop for competitive contractors.
· permits you to attach repair estimates or paid invoices to the inspection report.
· removes over-inflated buyer procured estimates from the negotiation table.
9. The report might alert you to any immediate safety issues found, before agents and visitors tour the home.
10. The report provides a third-party, unbiased opinion to offer to potential buyers.
11. A seller inspection permits a clean home inspection report to be used as a marketing tool.
12. A seller inspection is the ultimate gesture in forthrightness on your part.
13. The report might relieve a prospective buyer's unfounded suspicions, before they walk away.
14. A seller inspection lightens negotiations and 11th-hour renegotiations.
15. The report might encourage the buyer to waive the inspection contingency.
16. The deal is less likely to fall apart the way they often do when a buyer's inspection unexpectedly reveals a problem, last minute.
17. The report provides full-disclosure protection from future legal claims.
Include in your promotional packets, copies of the report along with receipts for any repairs made. Affordable Home Inspections specialize in Seller's and Move-in Certified inspections and can be contacted at 905-730-9300 or by visiting www.afordablehomeinspections.ca
IMPROVE SAFETY.
· Correct trip hazards in sidewalk
· Remove clutter from walkways and stairs
· Add lighting where necessary
· Post signs to alert visitors to potential hazards such as low head room
· Move stored items away from attic's pull down stairs
· Install and/or secure stair hand rails
· Cover exposed electrical junction boxes
· Add GFCI's (ground fault circuit interrupters)
· Store chemicals out of reach of children
DON'T REMODEL.
Remodeling seldom pays you back; Remodeling Magazine's annual cost vs. value report shows that the cost of most remodeling projects are not 100% recouped when the home is sold. As shown in the following table, every time you sink money into these projects, you take money out of your pocket when you sell your home. For instance, adding a bath sends 28% of your investment down the drain. And a swimming pool returns as much value as a hole in the ground.
|
Project |
Cost Recouped |
Your Loss |
|
Adding a bathroom |
72% |
28% |
|
Remodeling a bathroom |
71% |
29% |
|
Adding a family room |
71% |
29% |
|
New kitchen |
70% |
30% |
|
Adding a bedroom |
65% |
35% |
|
Replacing windows |
56% |
44% |
|
Swimming pool |
0% |
100% |
Southern Ontario's Home Inspection Choice since 1997, with 30 years renovation expertise, 15 year in marketing and as a real estate investor. Use my experience and knowledge
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