Here's How to Buy a House: A Step-by-Step Guide for the First-Time Home BuyerThe steps to buying a house might seem complicated at first—particularly if you're a home buyer dipping a toe into
Have A Home Inspection Report Before You List
Well, I’m glad you asked!
As mentioned in my previous blog entry, Option Period, Texas is an AS-IS state. This means the seller is selling their property AS-IS with all faults and the buyer is buying the property AS-IS with all faults. However, if the buyer is using the Texas Real Estate Commission promulgated contract form for the home purchase, then even buying property AS-IS doesn’t prevent them from negotiating repairs. So in order for you to sell your home for the best price, it’s wise to have it inspected first before it’s listed.
Having your home inspected before listing provides you with:
Knowledge & Confidence
It’s important for you to know what your home is worth from the start. I walk my clients through the Comparative Market Analysis, which gives them the best price their home should sell for. When you have an inspection done prior, you can fix what needs to be fixed, and price your home confidently. This takes the stress off of you, as well as the buyer, who will likely be more apt to purchase full price for a home that has a greater perceived value. It’s a WIN-WIN!
Once under contract it’s stressful to read the buyer’s inspection report and feel like you’ve been blindsided with things that don’t work in your home or aren’t up to code that you didn’t even know needed fixing! Also, it’s better to fix them BEFORE your house is under contract, rather than after. For example: Upgrading an electrical outlet yourself for about $7.50 as opposed to having to use a licensed electrician for roughly $80 - $150 per outlet – Ouch! This is just as stressful to a buyer, and after the inspection report is in their hands, perceived value is going down and that heads into negotiation.
Leverage In Negotiating
Then comes negotiating; and every time we negotiate for repairs that could have been fixed, you lose money. Updating the outlets to GFCI – as mentioned above – along with a couple breaker panels could slash a thousand dollars off the sales price of your home, and those are the simple things. What sets in motion, stays in motion; so it’s best to fix the small stuff first, and price your home right the first time, because we do not want to set in motion the habit of price-dropping.
For further explanation, reach out to me. It’s good to have someone on your side when purchasing or selling a home!
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