I had a fascinating conversation with my buyer at an inspection the other day. 
This house had great curb appeal----all decked out in its fall colors, and in a very desirable neighborhood----and priced just right.
Unfortunately, it was priced 100k under the typical homes in the area for a reason----perhaps. This post is not about all those reasons but I am sure that some of them will show up in future posts----several as a matter of fact. This post is about my buyer's perspective on the inspection; and, the cost of the inspection in relation to whether he ultimately decides to buy the property or not.
While my gut feeling is that the property is most likely not what he is looking for, what he had to say of the $425.00 inspection fee was this, "It is just money in the parking meter."
What a cool way to look at it. Imagine someone deciding to NOT put $.50 in the parking meter to avoid a $60.00 ticket. Percentage-wise, the inspection fee is actually a smaller percentage of what they might end up "owning" had they "not put the money in the meter"----especially when they factor in not only the cost of the home but the extra cost of repairs.
By all accounts----inspections are dirt cheap----cheaper than putting money in a parking meter.
Charles Buell
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Charles.... that is actually an awesome saying and a great way in looking at this from a positive perspective. When buyers ask me if they should get an inspection, I tell them it's not my place to tell them. Espeically since I never actually saw the house. But I do tell them that it is a large investment that they should look at carefully... great post.
Thanks Jeff---I thought it was a pretty cool way to look at it.
Hi Charles, Excellent way of putting the cost into perspective and understanding the true value.
Charles, I gonna steal his line and thanks for sharing. Good positive spin on this cost to the buyer! Well worth it!
Renee
Bill---some things just cut through all the bull don't they?
Renee---well I stole it so you might as well too:)
Charlie - Wow, I am going to use that analogy from now on. Thanks for sharing!
I think we should all steal it! A home inspection is really very cheap insurance that you aren't buying problems that are beyond your tolerance and budget to correct.
It could be the most expensive meter they will ever see. Well worth the cost.
Charles,
Lesson learned and an interesting way to position inspections!
I can't argue with you one bit. Get an inspection and sleep better.
Metaphors usually work with me, bet they will with sellers as well.
Good blog. And a featured blog!! Congratulations.....as I have said before, you're becoming famous!!!
im going to use that analogy, thanks!
That is a great way to think about it. Like insurance for your home
That's a great saying! Some buyers seem to hem and haw over the cost of an inspection, which I simply don't understand. If you pay for a home, termite, septic and radon inspection in my neck of the woods your total expenditure is around $1000. Or, you could buy something "blind" and wind up with a $20K, $30K.... fill in the blank...expense that could have been caught. Put the money in the meter....that's great.
Charles - I love the analogy to the parking meter. It's also like insurance. You pay a little so that you don't pay a lot.
That's a great way to look at it. And I love your smiley faces!
What a great way to look at it! I wish everybody would!
There was an old Fram oil commercial where a gruff mechanic said "You can pay me now, or you can pay me later." The inspection now is so that you don't have to pay later. Money well spent? I think so!
Good one. I'll have to use it!!
Charles~ If they don't do an inspection, they may find themselves thowing their money in a big black hole, also known as a "money pit"!
Good post. It's an interesting and useful way to frame the inspection question.
Charles, does that mean you work for pocket change?? ; )
Charles, That is a wise buyer! Thanks for sharing...Cheers, Harley
Great way to look at it.
This is a good way to justify the price of the inspection to your buyers.
Thanks for this post!
-Brendan Winans
Great thought and comment your client had. Thanks for sharing this with us so that we can share it with clients who might think they are saving a buck when they don't take our advice and get the inspection.
I have explained this concept to buyers before but had never thought of the parking meter analogy. It's a good one.
Hey Charles, I think I am going to use that analogy with my clients. Great post.
My brokerage actually makes it mandatory that the client either get an inspection or sign a waiver saying that we have recommended one and they have declined. The waiver is an "in office" form, but it has saved a few "butts" when a buyer has discovered later on that there are problems with the home that a relatively inexpensive inspection could have uncovered. Good post!
If only all buyers thought that way. What a wonderful world that could be.
Charles.. First time I heard it like that.. LOL.... I always recommend a home inspection
Money in the parking meter.... what an interesting way to look at it... I'll use it as soon as I can!
Love the smileys and the fall photo too!
Bob
That is a fantastic way to look at it -- I may have to share that one with my future clients.
Thank you!
I really like the comparison! I have a few clients every year that don't want to do an inspection, so maybe this will help them put it into perspective.
Thanks -- I really like the analogy -- a great perspective on the value of spending a few dollars upfront. will use when discussing the value of a sewer scope too.
HOLYMOLEY! I go away for a few hours to kick the soccer ball around and I come back to dozens of great comments on my post----now I have my work cut out for me! I will try to respond to everyone but please forgive me if I don't get long winded with each of you as many of you had much the same things to say. After all what can one say to such a simple idea----seems pretty unanimous that the analogy is a pretty good one. Thank you all so much for your responses.
Carol, you are welcome---we will probably start hearing this quoted all over the planet now!
Vicki, I am wondering if the "Parking meter analogy still applies on those buyers that end up doing 3 or 4 inspections? I think my record is 5 for one buyer----the costs still didn't seem to faze them. Even though it cost more than $2500.00 it is still cheap considering the houses were in the $800,000 plus range.
Thomas, I will have to see if I can come up with a picture of a house that looks like a Parking Meter and use in my advertising.
Tracy, thanks
John, it is important for all parties to sleep better---good inspections can help with that.
Dena, excellent point to use the analogy on Pre-Listing Inspections.
Barbara, thanks---you are one of my loyal fans----right up there with Steve and Nutsy (although I am not to sure about Nutsy)
Scott, you are welcome
Russ, thanks for the comment
Matt, I think this analogy is especially true when multiple coins must be put in the meter. Can you imagine you think 50 cents is going to cover it but you forgot that you have to buy flowers and you go back without putting another 50 cents in and there comes the meter maid and she wants to know why you didn't get that sewer scoped.
Sharon, that is the idea. Why is it that in the context of a $200,000.00 purchase of even a $2,000,000.00 purchase the $300.00 to $1000.00 is even a question?
Mindy, thanks and "beware" the smiley messages!
Emily----me to!
Jeffrey, a very similar analogy
Mo, thanks
Vicky, the "Money Pit" great movie wasn't it? Everyone needs their own personal money pit!
Richard, thanks for commenting
Gary, EXACTLY----although a lot of these new parking meters take credit cards so the sky is the limit!
Harley, I was so impressed with his perspective I just had to post about it.
Brendan, thanks----I think it can be used to "persuade" the buyers to pay for a lot of things they might not think are necessary.
Tammy, you are welcome
Christine, you will have to add this to your repertoire.
Michael, thanks---use away!
Liz, a lot of the agents that refer me tell me the same story---good idea. But, still a bad idea to not get an inspection.
Angelia, well at least this "one" did.
Roland, thanks for commenting
Bob, thanks----I will probably get a lot of mileage out of those colors.
Anonymous at 12:07, thanks
Kerry, let us know how it works out
Alexsandra, as I replied to someone else, I think the doing the same thing with sewer scoping is another good one
Charlie,
This buyers perspective is unfortunately not universal. Wish everyone thought like him instead of the more common, "I have to put how much in the meter." A silly way of approaching the home inspection process, I believe.
I just finished a an enegy audit where the client read through my web site, shopped the competion and understood the value of my service. I LOVE an educated prospective client. Makes "selling" my service a whole lot easier.
I guess most probably look at that way avoiding th fee, what a shame? I can't imagine the horror in that. I always have the buyer evenif I don't represent them have an inspection of some kind even if that means me having an electrician, plumber and contractor coming out and just looking and in that case I have the buyer sign a waiver.
James, so true-----if it were universal there would be no need for an analogy. I think the degree to which this analogy fits is a sign of how far we really have to go. (Great talking to you the other day)
Charles, Inspections are always a good idea----you can never know what you don't know.
I like that comment. Can I use it?? lol
Great analogy, I just had a client thank me for convincing him to have an inspection he didn't want.
Charles, it stuns me that buyers and sellers will balk at the cost of something that is a few hunded dollars when they are buying or selling something that is hundreds of thousands of dollars.
I think it's a great way of looking at home inspections. If you don't mind, I'd like to phrase my inspections in terms of "parking meters"!
I love this analogy, Charles. As stagers, we are trying to educate our clients that a pre-sale inspection goes a long way in getting the property ready to be listed...it's an investment that should be done before anything else. I'll definitely use this term in the future. Thank you!
Wendy Casey - Surrey, BC
Debbie, I think everyone is going to use it:)
Michael, someone should do a post (hint hint) of all the reasons buyers give as to why they don't want an inspection.
Rich, see my comment to Michael preceeding:)
Barb, seems like a good analogy to use.
Wendy, I should think the analogy would work for stagers as well. I think originally it was a term used by lawyers---according to my buyer that used it.
Charlie,
Good speaking with you as well. If you're back in the area sometime, give me a call.
James, I sure will.
Dear Mr Charles,
Wish I had been out on a limb with you when your took that photo.
Your fan Nutsy.
Certifried home inspection assistant
Nutsy, face it----you are always out on a limb----that is what saws are for:)
That was a great analogy that they came up with... thanks for sharing it with us Charles!
Cheryl, you are welcome
That is a great way to look at the fee - but had not heard anyone put it that way before.
Bob and Carolin, thanks for commenting
Charles,
This is so true. I may need to blog again on this topic to keep it relevant.
Don