July 19, 2017

What matters should I investigate before I put my home on the market?

There are a myriad of costs associated with buying and selling a home.

You might ask yourself, if I was the buyer, what information would I like to have the seller give me about the property I am interested in buying.

Always remember that the buyer has the right under the contract to have a Building and Pest Inspection carried out.  Building and Pest Inspections can often be a source of trouble once the contract for sale of the property has been made.  So if you, as a seller, want to have a Building and Pest Inspection carried out then it might just be that the buyer will do his or her own inspection.

The advantage for you as the seller in having a Building and Pest Inspection carried out before you put your property on the market is that you will know if there are any building or pest issues you might want to fix now and not later.  You might well know of some obvious issues but a professional inspection might just identify issues which you can deal with before the sale of your property.  Lawyers often hear buyers say that if only they had know about this or that then it would have saved time and stress.

What has become common place now, is that buyers tend to use negatives aspects of Building and Pest Inspection reports to re-negotiate the sale price.  In some instances, buyers are clearly encouraged to ask for a price reduction by their professional advisors.

If the Building and Pest Inspection report is from a reputable inspector then a buyer might elect to take the benefit of the report and not spend money obtaining an independent report.  This is a matter for the buyer but it is something that a seller can offer to a buyer.  At least if nothing else, the buyer will know that the seller went to the trouble to get the report to be sure that the property was offered for sale in good condition.

One other issue which arises from time to time is the aspect of encroachments.  That is, for example, that little garden shed in the  back yard which just happens to be sitting an inch or two into the neighbour’s yard or the boundary fence which is not on the correct boundary line. If as a seller you are concerned that there could be an encroachment or that a boundary fence is not on the correct line, then a surveyor can be engaged to do a check survey.  Again this check survey, if offered to a buyer, is a real positive and assists a buyer in being confident that all is in order.

As a seller you should find out the costs of a survey or a Building and Pest Inspection and weigh the costs against the peace of mind it will offer to you as a seller and potentially to a buyer if the survey and reports are offered to the buyer.

It is not always necessary to spend money on reports but as an astute seller, take the time to have a good look at what you are selling.  Is there a need to get reports as to the status and integrity of the building and so on.

If there are potential issues, address them now and don’t just wait and hope that it all goes ahead without disruption.

The time wasted on a sale that does not eventuate and the potential price reduction which a buyer might seek could well be very costly to you as a seller.