Illinois is a midwestern state that sits sandwiched between Indiana and Wisconsin. Its nickname, “the Prairie State, " is marked by ample farmland, forests, and wetlands. Most notably, Illinois is home to Chicago, one of the largest cities in the country with stunning architectural designs and skyscrapers like the Willis Tower and the neo-Gothic Tribune Tower. Neighborhoods such as Lincoln Park, Lakeview, and Gold Coast offer some of the most desirable Chicago real estate.
Many buyers and sellers have questions when dealing with real estate, and knowing whether you need a home inspection before selling is one of them. Are there extra benefits to having a pre-listing home inspection done? Is it necessary? Let’s start with learning what a pre-listing home inspection is.
A pre-listing or presale inspection is when the seller hires a professional to inspect their home before selling. This will help the seller assess the property’s condition and identify any significant problems that need addressing. A presale inspection gives the seller time to remedy potential problems before buyers become aware of them.
Let’s further discuss the pros and cons of having a pre-listing inspection. A pre-listing assessment can be as in-depth as you want or limit things to specific concerns. If you have a crack in the foundation, for example, you can have an inspection focus on that. Other areas you may consider covering are the lifespan of the roof, certification of any DIY remodels, the presence of hazardous materials like lead paint, and water quality.
Pros of having a pre-listing inspection done
You learn the condition of your home
Sellers often fear that when a buyer gets the home inspected, something will be discovered that will ruin the sale. This is certainly justified, as having a home under contract return to the market is an unpleasant experience. As the seller, having your pre-inspection done instead of waiting for the buyer’s inspection will help you avoid any potential issues. You’ll learn the exact condition of your home and be able to fix anything accordingly.
You’ll minimize stress
Selling a home is stressful enough, and worrying about whether a sale will fall through because of something out of your control extends that. Getting a pre-listing inspection will help reduce this by letting you know whether you need to repair anything. You’ll feel more confident about your home’s condition moving forward and worry less.
You can make the necessary repairs
If you choose not to make repairs before listing your home and a buyer’s inspection uncovers them, you will only have until closing to complete them. Having such a limited time can put sellers on edge and add to the stress. Getting a pre-listing inspection allows you to schedule repairs and eliminates the rush.
You’ll be able to price your home more accurately
One of the most essential parts of listing your home is the price. It takes experience to find the sweet spot. Anything too high and buyers will stay away. Anything too low, and you’ll miss out on money from the sale. Having an experienced real estate professional is the best way to know how to price your home, but knowing the state of the house will make that easier. A pre-inspection gives you all the facts and allows you to make the most accurate assessments.
Cons of having a pre-listing inspection done
You’ll have to pay for the inspection
Inspections are not free, and having a pre-listing check done will not eliminate the need for a buyer’s inspection. Though it may seem unnecessary to spend the extra money, it’s arguably worth it for the benefits alone. If you choose to inspect for other things like radon in the air and water, mold in the home, or lead paint, you’ll need to spend more money out of pocket.
You may have to disclose any issues
Depending on your location, you may be legally required to disclose all problems uncovered during an inspection. Whether this is a disadvantage or not is entirely dependent on the seller. If you have the immediate money to make repairs, disclosure shouldn’t be an issue. However, selling your home may become more challenging if your money is tied up and you cannot make quick repairs. In Illinois, sellers are required to disclose in writing any material defect known.
No two inspectors are the same
Potential buyers are likely going to conduct their own home inspections, and they will use the home inspector of their choice. Unless you’re fortunate, the person you hire to complete the pre-inspection will not be the same as the person your buyer chooses. Different inspectors can bring various issues to light, including some that your pre-inspection didn’t highlight. In this case, you may be obligated to fix additional repairs you didn’t know existed.
Key takeaways
A pre-listing inspection has many pros and cons, and determining whether it’s best for you is an entirely singular decision. For many sellers, having a pre-listing inspection is beneficial because it allows them to get a head start on any repairs they may need to make. While this may require you to invest some capital into the home before selling, it offers more time to complete the jobs and allows you to list the house for its worth. This will help take tremendous stress away from an already complex situation.
Some sellers may need more capital to make immediate repairs or want to keep the issues private from potential buyers. While these situations can be complicated, it’s easy to see how a pre-listing inspection offers far more benefits and is worth the time.
Work with a trusted real estate professional
When you’re ready to list your home and want to learn more about pre-listing inspections, contact Adrien Bellagio. As a trusted real estate professional in the Chicago area, he’ll help get you started on your journey.
