Can you afford to sell your home? When most people decide to list their home on the market they assume all will go well when they find a buyer. An offer will be made, and the negotiations take place. Then there’s the customary procedures that come into play, a home inspection is ordered and scheduled, and usually a termite inspection, both of which are paid for by the buyer. However, there are a number of unforeseen things that can happen that could end up costing you thousands before you even see any money, and after you’ve already agreed to the offer. If you have a lot of equity you may be able to absorb these costs. If you have money already available to address these issues great. If you don’t ,you may not be able to afford to sell your home. This list will give you some preemptive measures to take to help you decide.
Get your own home inspected. Usually this is ordered after an offer and sales price is agreed upon and paid for by the buyer. You may wish to pay for your own inspection as a precaution. Home inspections are crucial as they can uncover any issues that may be a problem currently or in the future and as such can be a great levying tool for the buyer to renegotiate your home at a lower price, or require you to pay to repair. You may be willing to take your chances but a home inspection that you order yourself before you list can give you an idea what you may have to pay for later. It’s a good idea to address those concerns before you list your home. By making repairs early you can better judge what price to sell your home at. Stating that you’ve had it inspected and have a report may make your house more attractive and help justify your selling price.
Get your septic system pumped and checked. This may or not be requested at the time you receive an offer, however, if the buyers require this, you may be in for a huge repair bill or lose the sale. This maybe the case especially in older homes with old drain lines. If you discover you need drain lines replaced better to do so before your home goes on the market. This is an added selling feature once you’ve made the repairs ahead of time and certainly can help your home sell faster.
Have your ac/heating system checked. If your air conditioning system and heating have been working properly but are very old or are original to your home, the buyer may want it checked and approved of by a local heating and air specialist. If they do this and you’re not prepared, a heating and air specialist may deem your system faulty, and will not sign off on the letter stating its in good condition. If they won’t give your system a good report, again this could be a huge expense. Replacing your system with a newer system that gets an approval from the specialist can also be a selling point buyers will surely take notice of and also may give you a better asking price for your home.
Termite inspection. Have your home inspected in advance for these destructive guys especially if you live in areas where they thrive. Wood that is exposed to damp and rot are most attractive to termites and an infestation could be going on right under your nose and halt your sale dead in it’s tracks. The damage can be costly. Better to do this ahead of time as well than to have it come up right when you’re at the finish line in your selling process.
The bright side of all of these preemptive moves is that they can be addressed long before you list your home, and give you piece of mind at the time you list. The best part is, any repairs, replacements you do make can add hundreds to thousands on your homes asking price and there’s a good chance you could make your money back. Selling your home is a stressful process. There are very few times it goes off without a hitch but by making these assessments in your homes condition ahead of time is far better than during the selling process. These inspections you pay for yourself can mean the difference between actually making a profit and losing money before you even see any. Good luck!