When Selling Your Home, Don’t Try to Conceal These Problems
When it comes to selling your home, it’s understandable you want to spend as little as possible to prepare it for the market. Depending on your property’s condition and location, you may get a reasonable asking price by just decluttering and a fresh coat of paint.
But as your RE/MAX Alliance agent will tell you, hiding any issues from the potential buyer can have negative consequences (even potential litigation). Here are some types of issues that are critical for us to disclose (or address before listing your home):
- Structural Problems
There may be problems with the foundation, walls, roof, or other components that require costly repairs. We need to ensure the safety and integrity of your home (or factor this expense into the negotiation strategy with the buyers).
- Water Damage Or Leaks
Potential buyers must know about past water damage, leaks, or plumbing issues. Any chance for mold growth, rot, or other issues should be disclosed for the health and safety of the next occupants.
Read: How To Handle Mold In Your Home
- Pest Infestations
The same goes for your home’s history with pests like termites or rodents. We need to be upfront about any damage or ongoing risk.
- Electrical Issues
Faulty systems must be addressed to avoid hazards or significant inconvenience for the next homeowners. Information about repairs and maintenance is necessary.
- Environmental Hazards
Asbestos and lead-based paint are natural givens. But many Colorado homeowners don’t monitor radon. Testing and mitigating your basement will be essential to preparing your home for the market.
Read: Pre-Inspections Empower Sellers
- Insurance Claims
You’ll need to share any previous insurance claims for damage to your home in the past, as well as repairs.
- Legal Or Permit Issues
Did you or the previous owner run into any legal or permit problems? Buyers need to know. Unpermitted additions or remodeling projects, property line disputes, or zoning violations should be shared.
Building trust with buyers is an integral part of the win-win approach sellers need to use to get the price and terms that meet their needs. Contact your RE/MAX Alliance agent to discuss your home’s condition and consider getting a pre-inspection. The more you know about your home before putting it on the market, the greater your chances for a successful negotiation.
Source: Forbes