Before selling your Toronto home, it can seem like there are countless decisions to make. Not only do you have to decide on details like who your real estate agent should be and what renovations to make, but you also have to choose a new place and neighbourhood, maybe even a new city altogether.
With each choice, others pop up. For example, your real estate agent believes a fresh coat of paint will help you fetch a higher price. Now, what colour? And should you do the job yourself or hire someone to take care of it for you?
With all of this going on, getting a pre-listing inspection might be at the bottom of your agenda. Your to-do list is already long enough. Who needs to add even more to it? That said, a pre-listing inspection can actually simplify many of these tough decisions and may even help you sell faster. Let’s explore what this means in greater detail.
What Is a Pre-Listing Inspection?
Just like it sounds, it’s an inspection a seller arranges before the house goes on the market. Traditionally, buyers might include a condition of home inspection when placing an offer. Getting it done ahead of time is a way to beat them to the punch.
The real question is, why would anyone take this step? Couldn’t it open up a potential can of worms and make it harder to sell your home? It might seem counterintuitive, but in many cases, it pays to run toward the fire rather than away from it.
For starters, a pre-listing inspection can work to set buyers at ease. Even if it does raise an issue, nothing is more terrifying to a potential buyer than the unknown. Any problem is much less daunting with clarity and a plan to rectify it.
A pre-listing inspection in advance also allows your buyer to see you as more transparent and trustworthy. No house is perfect, after all, and being honest about any flaws shows that you are not trying to hide anything.
In the worst-case scenario, you may have to negotiate a concession on price or make the necessary repairs before a sale goes through. And if other sellers in your area have not taken this step, a pre-listing inspection can be a potent competitive edge.
Looking for more tips to get fantastic results from your home sale? The ideas below will help:
- Selling Your Home? Here’s How to Maximize its Value in Any Market
- What Is Your Home Worth Today?
- Everything Sellers Need to Know About Offers
Are There Any Drawbacks?
The obvious disadvantage of a pre-listing inspection is that it might uncover something you didn’t know about. As the seller, you have the legal obligation to disclose any latent defects (a flaw that can’t be detected through casual inspection) to your buyer.
Please note that we are not lawyers, and this is not meant to be legal advice. That said, if you aren’t aware of any flaws in the house, you’re not expected to reveal them. It’s the buyer’s responsibility to prove that you knew and willfully withheld the information.
Getting a pre-listing inspection means you can’t hide anything. Still, it’s often better to know what you’re up against before putting your house on the market. If something is in the report, a buyer can’t claim that you didn’t disclose it. If it doesn’t come up in the inspection, it stands to reason that you didn’t know about it.
Learn more about real estate disclosures in What You Must Disclose When Selling Your Toronto Home.
Erasing Potential Problems
One of the best advantages of a pre-listing inspection is that you can fix potentially expensive and even deal breaking problems before they come to a buyer’s attention. While it’s illegal and unethical to try to hide an issue, you have nothing to disclose if you have fixed the problem in advance.
Most people don’t know how much it costs to make repairs to a house. If a buyer sees a leaky faucet, they might think it will put them out of pocket far more than it actually would. Even worse, their imaginations could run away with them and have them wondering what else could go wrong with the house.
This is why a repair that would have cost a few dollars beforehand can spiral out of control once buyers begin walking through. A pre-listing inspection gives you a chance to spot minor issues so that a buyer can focus on the positive. We don’t want anything to distract them from visualizing living their lives within your four walls!
Looking for ideas to make your listing stand out? The tips below will help your buyers fall in love at first sight:
- 5 Bathroom Upgrades With High ROI
- The Art of the Spring Home Makeover
- Fabulous Lighting – Illuminate Your Home on Any Budget
Get Better Offers
You want to make use of every tool at your disposal when selling your house. Fewer issues mean a faster sale, which generally also translates into a higher price.
A pre-listing inspection can speed up the negotiation process since the buyer can often drop the condition of home inspection. This will also save you a lot of stress and uncertainty, wondering if your transaction will make it through the conditional period.
In a slower market, this can be the added value that inspires a buyer to make an offer to begin with. When Toronto houses are in high demand, a pre-listing inspection can tilt the scales even more in your favour. It’s just one more part of a well-thought-out selling strategy!
Do you want to know more about how to maximize the results from your Toronto home? We can help you navigate even a challenging market. Reach out today to Erica@EricaReddy.com or call 416.443.0300 to learn more.
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