Why Should I Recommend a Buyers’ Lead-Paint Inspection & Assessment?
Getting a lead-paint inspection for your home can be a wise investment that can save your clients huge amounts of money in the sales process. Lead is a toxic substance that can cause serious health problems, especially in children, and was commonly used in residential homes. In fact, nearly 9 out of every 10 homes built before 1940 have lead-based paint, and about 2 out of every 3 homes built between 1940 and 1960 do as well. Since more than 90% of home sales are for pre-existing homes, it is clear that there is a significant risk of lead-paint being present in your clients’ dream homes. A lead-paint inspection can reveal problem areas and help your clients negotiate lower sales prices.
According to HomeGuide, the cost of lead paint removal ranges from $6 to $17 per square foot, or $8,000 - $21,930 for the median home size in Dayton (1,290 sq ft). The cost of removal can vary depending on the method used, the size of the area, and the extent of the contamination. By getting a Buyers’ Lead-Paint Inspection & Assessment from Lead-Free Dayton, your clients can learn 4 things:
The locations of lead-based paint in the home,
The condition and level of risk the lead-paint poses to them and their family,
The possible costs for removing all lead-based paint from the home, and
The possible costs for maintaining the paint in a safe condition.
This information becomes a critical negotiating tool because your clients can use the locations of lead-based paint (point 1) to negotiate the removal costs (point 3), and yet use the conclusions about the risk level and paint condition (point 2) to determine the costs they’ll need to spend to keep themselves safe (point 4). As an example for a 1,700 sq ft 3 bedroom 2 bath home on the market with paint in good condition for a sale:
Average cost of lead-paint inspection $1,000
Average cost of lead-paint risk assessment $900
Negotiation costs for removing paint 1,700 sq ft * $17 = $28,900
New paint costs for whole home 1,700 sq ft * $2 = $3,400
This fictional client could save $27,000 up-front ($28,900 negotiated off the asking price - $1,900 for the average inspection and assessment costs). Assuming the paint is in good condition, the client is expected to spend less than $3,400 in new paint costs for preventive maintenance. Typically, combining an inspection and assessment at the same time will cost less, so the client could realize even greater negotiating power!
In conclusion, recommending a lead-paint inspection and assessment for your buyers can set you apart from your competitors because you show your clients you care about their health, their family’s health, and their wallets. Contact us at Lead-Free Dayton to learn more about pricing in the Southwest Ohio market and for discounts! We also offer pay-at-closing, so your buyers don’t even need cash up-front!
References:
“How Much Does a Lead Inspection Cost? (2024).” Homeguide.com; https://homeguide.com/costs/lead-inspection-cost; Accessed 8 January 2024
“Dayton, OH 2024 Housing Market.” Realtor.com; https://www.realtor.com/realestateandhomes-search/Dayton_OH/overview; Accessed 8 January 2024