Going to Market? How Your Due Diligence Will Pay Off
- Written by
- Rachael Webber
The details matter when selling your home. Being prepared before putting up the ‘For Sale’ sign will definitely make the transaction smoother.
Builder’s reportsand LIMs
The two most common documents that prospective buyers will organise when they are interested in a property are a LIM report and a Building Inspection report. There are advantages for the owner to have these documents already available.A Land Information Memorandum (LIM) is a report prepared by the local council, it provides information on the property.A Building Inspection report involves a registered/qualified building inspector to write a report (after undertaking a physical inspection) identifying any maintenance required, defects or structural issues.
Ironing out any issues
It may feel nerve-wracking to have these reports available for potential buyers – especially if any issues are identified – but here’s the thing, purchasers can acquire this information (and those who do their due diligence most certainly will). So, by organising these reports upfront, it gives you, the owner, the opportunity to remedy any issues before the sale process is underway. I suggest that it is better to be forewarned of any issues you weren’t aware of, rather than scrambling to rectify anything when identified by the purchaser.
Attract serious buyers
Taking control of your selling process by having the reports prepared is an attractive consideration for those interested in your home. You will most likely attract a larger pool of buyers, as they will appreciate that the reports are available, enabling them to simply concentrate on putting their best offer forward!