The Risks of Waiving Inspections When Buying a Home
When you’re trying to buy a home in a competitive market, you might feel like it’s best to skip the home inspection. That seems like an easy way to make your offer seem more attractive to sellers, and it’ll also speed up the buying process. A win/win situation, right?
Wrong. Waiving inspections when buying a home is never a good idea. The home might look fine when you inspect it yourself with the naked eye, but you never know what’s behind the scenes. A lot of the biggest issues a home can have aren’t detectable if you aren’t an expert. No matter how much you want the home, it’s always best to have it inspected by an expert. Here are the risks of waiving inspections when buying a home.
Who Conducts Home Inspections?
Home inspections are much different than your own walks through the property. Home inspections are done by licensed professionals who know what to look for, and they know how to detect problems. They look into areas of the home you might not pay attention to when you’re walking through the home, from the HVAC to the foundation.
These home inspectors are held to a strict Code of Ethics and Standard of Practices created by the American Society of Home Inspectors (ASHI). You need a qualified opining on the quality of the home, not just aesthetically but foundationally. The cost of inspecting a home is more than worth the peace of mind of knowing you won’t run into any surprises once you move into the space.
If you’re an experienced homeowner, you might think you can manage a home inspection on your own. However, professional inspectors are skilled in the elements of home construction, maintenance, and safety. They understand the most important signs of disrepair, and they aren’t likely to overlook anything. It’s best to leave the inspection to the pros.
What are the Risks?
What happens if your home isn’t inspected? While it’s easy to think it’s as simple as skipping the lengthy and costly inspection process, this isn’t the case. Whether you’re buying a new construction home or an existing property, you need to get the property looked at by a professional. If you don’t, you’ll find yourself facing the following.
- Not Insurable – Some home insurance companies won’t issue a policy if you don’t have a documented inspection. Without insurance, you won’t get final approval for your mortgage.
- Safety Concerns – Without an inspection, it’s impossible to know if your new home was safely constructed and currently safe to live in.
- Legal Out – When an inspector finds a large problem with a home, you’re legally allowed out of the agreement through a contingency clause without losing your deposit.
- Expensive Repairs – One of the most obvious risks is that you’re purchasing the home “as-is.” With that in mind, any repairs will need to come out of your pocket.
- Negotiation – Finally, any issues found during the home inspection can be used as a valuable negotiation tool. You can choose for the seller to fix these repairs before you agree to purchase the home, or you can even negotiate the selling price.
As you can see, if you skip your home inspection, you might find yourself facing an extreme case of buyers remorse. While your inspection might seem like an unnecessary extra step, especially if the home appears to be in good condition, it exists for your protection as the homebuyer.
Buying a home is one of the biggest investments you’ll ever make. You wouldn’t enter an investment blind, so don’t go into your new home blind. Use a qualified home inspector to ensure you know exactly what you’re getting into when you buy a home.