The Impact of a Home Inspection on Your Property Value
The dream of almost every American is to one day become a homeowner. There are many inherent financial benefits to owning a home instead of renting, but there’s also something to be said for the sense of pride that swells in a person when he or she owns a residential property. While thousands of homes are bought and sold each day in this country, some transactions may go more smoothly than others. After all, a home purchase is likely to be the largest single investment a homeowner makes, and it’s important to know what you’re getting into when buying a piece of residential property. One of the best sources of confidence and comfort in the homebuying process is a residential inspection in Philadelphia, PA, performed by a reputable, licensed home inspector.
What is a home inspection exactly? During a professional home inspection, a licensed inspector goes over every detail of a residential property, examining the structure of the building and all its major systems. Once the inspection is done, the inspector will provide a full report of potential issues that could result in additional expenditures necessary to bring the home up to code. The better home inspections also result in a list of actions that should be taken to resolve the issues before any transactions are completed. Homebuyers and mortgage companies use these inspections to make purchasing and lending decisions. They can also impact the value of your home in a concrete way. Keep reading to learn how an inspection can impact your home’s value.
Improves Actual Value
When your home has systemic issues that must be resolved, that can drive down its actual value. For example, a home with a working HVAC unit would be valued higher than that same home with a
nonfunctional HVAC unit. When you have a home inspection and uncover issues, making the proper repairs will give your property value a considerable bump in a concrete sense.
Improves Perceived Value
Often, homes are bought and sold based on initial impressions. If you walk into a home and see some obvious issues that will require remediation, you may be less willing to close the deal. That’s because the needed repairs will come at a cost to someone, and there will be other factors, such as inconvenience, that could impact your decision. There’s also the fact that when selling your home, multiple unresolved issues could give potential buyers the impression that the house hasn’t been properly maintained and that other issues could be lurking just out of sight. By getting an inspection before putting your home on the market, you can uncover those issues, repair them, and prevent an erosion of your credibility as a seller.
Offers an Implied Guarantee
Getting a home inspection before putting your home on the market can also provide you with a concrete record of the state of your property as determined by a trained professional. While that may not matter to every buyer, for many, it will serve as a source of confidence that the property you’re offering for sale has been vetted, and potential trouble spots have been identified and repaired. While there’s no legally binding warranty offered by your home inspection, the inspection process will create transparency for buyers that can lend additional perceived value to your home. After all, if two identical homes are offered for sale, and one has a full professional inspection, there’s a good chance the owner of that home will get a higher price for the property.
Quality home inspections in Philadelphia, PA, can improve the value of your home in both concrete and abstract ways. By rooting out potential issues and repairing them, you give your property an actual boost in value. The act of conducting an inspection can also give your property higher perceived value, which is important when first impressions and confidence matter. To schedule your home inspection, contact Eagle Inspections at (267) 538-2292.