How much is this home worth?
…is a question often asked, by buyers, of their home inspector! Value is in the eye of the beholder and what the buyer thinks is value may be very different to the home inspector’s opinion. The role of the home inspector in helping the buyer with valuation is solely providing an accurate report that covers the condition of every aspect of the home. The cost of overcoming individual weaknesses in the home can only come with price quotes from other experts involved. Reaching an accurate cost is a matter of being certain that all weaknesses have been found and can be allowed for in a renovation. Good inspection and accurate reporting will greatly reduce the risks involved in budgeting for any needed repairs.
The buyer, with an accurate home inspection report and a quality realtor evaluation, showing value against comparables in the same district, can decide if the house is good value when the cost of updates identified in the home inspector’s report are factored into the purchase price of the home. This fact… Identifying Final Value… is often lost to buyers, sellers and realtors! Buyers want to buy and sellers want to sell and all things are negotiable. Given an opportunity both sellers and buyers are very often better prepared to adjust their price to cover needed repairs that have been identified or; to make the necessary repairs adjusting the price to meet the new value.
It is worth the perceived value of the buyer after the home inspector has identified and commented accurately in his or her report. And, firm quotes have been received from the experts required to bring the house up to the quality expectations of the buyer.
Rob ‘Pops’ Leslie
MN Home Inspection
Minneapolis & St. Paul Home Inspections