When the real estate market gets hot, anxious buyers are often willing to sacrifice security in order to land the home of their dreams. But waiving certain conditions that protect your rights as a buyer can be dangerous, especially if one of those conditions involves a home inspection.
If you’ve been searching for the perfect home for months, you might be tempted to ditch a home inspection in order to strengthen your offer and solidify the deal. But at what cost? While requesting a home inspection could weaken your purchase offer, not including this condition could result in years of frustration and an endless string of costly expenses.
Often, when a home hunter waives a home inspection condition on a potential property purchase, they’re soon confronted with critical (and costly) home repairs, many of which could have been identified and handled prior to signing the purchase agreement.
Are the risks of landing the home (unconditionally) worth the reward? Let’s find out…
10 reasons why you should never skip a professional inspection…
You want to make sure the property that you’re purchasing is safe; this is where you’re going to be living, after all. Homes can contain any number of dangerous materials, including lead, radon, asbestos, and carbon monoxide. Any one of these things can lead to disease, and in some cases, death. A professional home inspector can quickly and easily identify these materials and advise you of their long-term risks.
Buying a home is a huge investment and commitment. As such, it’s important that you’re confident and comfortable with your purchase decision. The purpose of a home inspection is to help you make a well-educated choice. A home inspection will reveal important information about the condition of your property, as well as the various appliances and mechanical features in the home. If, as the buyer, you’re not comfortable with the findings of a home inspection, you have the legal right to withdraw your purchase offer and continue your search.
Many homebuyers fall in love with a property shortly after walking through the front door. This emotional reaction can make it extremely difficult for individuals to approach their purchase with objectivity. A home inspection will help expose problems that an emotionally-attached buyer might not otherwise accept or fully comprehend.
Everything that’s uncovered in an inspection is recorded in a formal report. As the buyer, you can use this information to further negotiate your purchase offer and help reduce your mortgage rate. Now’s your opportunity to negotiate with the seller to either fix the problems uncovered during the inspection or drop the selling price so that you can use the money you saved to handle the repairs on your own.
The results of your home inspection don’t just impact the purchase process, they can also factor into long-term costs, like your home insurance premiums. Depending upon the results of your inspection, you may even be able to swing a discount on your insurance bill.
While there may be benefits to purchasing a home with an addition or altered garage, these nice bonus features often come with hidden baggage. A home inspection can reveal whether additions to your home were completed with or without the proper permits. Illegally added features can quickly become tax and insurance liabilities, which could make it difficult to secure financing down the road.
While it’s practically impossible to find the perfect home, there are certain aspects of a property purchase that should always be in tiptop shape. Your septic system is one prime example. If you purchase a house with a malfunctioning system, you could be looking at upwards of $20,000 in repairs. A certified home inspector can help you identify poor septic system performance and potentially save you a huge expense.
Just because a house looks good on the inside and out doesn’t mean that it’s built to stand the test of time. It’s easy to overlook a foundational crack or underpinning issue if you don’t know what you’re looking for. Luckily, home inspectors know how to identify these issues.
From neglected fireplaces to faulty wiring, potential fire hazards can be hiding almost anywhere in your prospective home. A home inspector will point out any dangerous areas and help you better understand your repair options.
Home inspectors have a wealth of home improvement and maintenance knowledge, so don’t be afraid to ask questions! Now’s your chance to learn from one of the best in the business.
Go for the added protection
Would you ever buy a car without test-driving it first? Of course not, so why buy a home without first reviewing it, to make sure it’s a safe and healthy investment. A home inspection provides you with an added level of protection during the house-hunting process. Think twice before you waive any offer conditions.
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Nothing contained herein is intended to provide personalized financial, legal or tax advice. Before implementing any financial strategy, you should obtain information and advice from your financial, legal and/or tax advisers who are fully aware of your individual circumstances.