Have the confidence to sell your property at the right price.
A recently released real estate trends report highlights that the road ahead is filled with uncertainty for the industry. As a result, people have been treading carefully when it comes to real estate investments, what with interest rates going up and real estate prices dropping down.
So, it is essential to be prepared to ensure a stress-free process when selling a property.
One of the most practical ways to do this is to have vendor inspections conducted on the property. A last-minute contract cancellation from the home buyer will surely be a nightmare for any homeowner. It gets worse if the reason was an underlying issue about the house for sale – something that could have been avoided had the owner or agent requested a vendor inspection.
What is a vendor inspection?
Either the property owner or the real estate agent can request the vendor inspection. The resulting vendor inspection report usually includes the following:
- Notable defects on the property
- Safety hazards (if any)
- Identification of the workmanship on the property
- Unfinished repairs or construction
- Certifications or approvals needed before the property is turned over
The property should undergo this kind of inspection regardless of its age. The team hired to do the job should be able to conduct the inspection on both newly built properties and old structures.
A vendor inspection is critical in selling a property to ensure a hassle-free transaction with a potential buyer. It can also help the owner and the agent negotiate the price of the property.
Why are vendor inspections crucial?
There are several reasons to request a vendor inspection on the property. The list below includes the top 5 most important reasons to get a vendor inspection done before selling a property.
1. Transparency
A vendor inspection report will give full disclosure on the current condition of the property. This means there will be transparency between the owner of the house and the buyer of the property.
Transparency leads to trust and confidence in both parties, which can result in a hassle-free transaction. The report can also help put both the owner and buyer on the same page which ensures less problems in the future.
2. It can provide a heads-up to the seller on possible faults on the property.
Once the report is available, the seller can immediately address faults that were identified. The report will be able to provide enough time for repairs which would have affected the property price had it not been discovered earlier.
The inspection will also eliminate any chances of being caught off guard when the buyer also does their inspection on the property. Getting ahead of the issues is possible when a vendor inspection is arranged.
3. It can determine the price of the property.
A vendor inspection report is a detailed document, which includes information on the workmanship of the property and other notable features. Because of this, it can help the owner and agent decide what they want to highlight in selling the property.
The report will also take note of incomplete construction and any damages in the house. This can depreciate the value of the house should the owner decide to pass on the repairs to the buyer.
The bottom line is that the report can help negotiate the selling price of the property. Additionally, it can help both owner and buyer come up with an agreeable deal depending on the outcome of the inspection.
4. It can help sell the property faster.
Most people will organise their own inspection whenever they buy a property. This is because they want to ensure that everything is up to standard before they sign the contract.
But when a property owner already has a vendor inspection report, this can be immediately shared with the potential buyer. Thus, eliminating additional days dedicated to another round of inspections. Fewer delays mean a quicker timeline for securing the sale.
5. It can save time with inspections.
Vendor inspections help avoid contacting different companies for an inspection. After all, a trusted inspector can easily provide a comprehensive report that would reflect everything the seller needs to know.
When hiring a building inspector, check the inspection inclusions to confirm that there is no need for another round of inspections.
How can you choose the Best Inspector for a Vendor Inspection Report?
It is a must to get an independent team of inspectors for a vendor inspections report. Doing so would mean there will be no biases. No one can also accuse the seller of hiring a group that will “go easy” on them.
It’s also a must to check the turnaround time of the report. A trusted team of inspectors should be able to turn over the report in days or, better yet, as soon as the inspection is over.
It is likewise essential to check if the team of inspectors adheres to the inspection standards set by Fair Trading NSW. A professional inspector will also be familiar with the Australian Standard when it comes to drafting the report. To ensure quality reporting, deal only with industry professionals and licensed inspectors.
A licensed builder, an architect, or a surveyor may comprise the team, depending on the scope of the inspection. All of them are adequately trained to catch faults and can anticipate upcoming problems based on the status of the property. These are some things that can be missed by an untrained eye.
Let Exceptional Building Inspections do your vendor inspection report.
The EBI team is comprised of building inspectors who will carefully and expertly do the inspection around your house. We are committed to ensuring you have accurate data to properly sell your property listing through our comprehensive vendor inspection report.
We will inspect both the interior and exterior areas of your property. Our report will also include all safety concerns, including plumbing and electrical wiring, gas fitting, and fire hazards.
We know that a properly done inspection can give you peace of mind and the confidence to sell your property at the right price. Call us now at 4950 4197 or 0412 188 199 for more information on our services.