Whether the inventory in your market is low or you are in the middle of a bidding war for your dream home, it may feel like forever before you can pack up, move in and settle down. From visiting a home for an open house to meeting with your agent to sign paperwork, it may be tempting to forego certain steps to move along the process. However, waiving a home inspection is never going to be a good idea. Though it may sweeten the deal for the seller and expedite the sale, this choice may quickly come back to haunt you. Here are five reasons you should never skip a home inspection, and why.
You Lose the Power to Negotiate
Immediately after a home inspection is completed, the buyer is given the opportunity to reevaluate their offer, renegotiate the terms or even pull out of the offer, if necessary. More than 80% of home prices are negotiated at least twice when they include a home inspection. But, if you forego this process, you also forfeit the opportunity to readjust the price of the home, which can greatly reflect both the condition of the home and any future repair costs.
You May Inherit Unknown, Costly Repairs
A home inspection provides an overall report of the current condition of a home, including its systems, appliances, foundation and more, as well as letting a buyer know what repairs will be necessary. By skipping the home inspection, you risk letting both minor and major issues go undetected. Without an inspection contingency, you as the buyer will have no choice but to take on all financial responsibilities for these repairs.
Insurance May Not Cover These Repairs
An inspection not only helps a buyer identify and evaluate the home’s problems, but if they do choose to purchase the home, their insurance company will also receive the report. Without a report, your insurance company may not cover pre-existing issues discovered after purchase without a home inspection. Because you skipped this vital process, you will likely have to pay out of your own pocket for any and all repairs.
Home Issues May Cause Health and Safety Hazards
When an inspector makes their report, they will note any and all health and safety hazards. Without this, you may not be aware of potentially dangerous conditions that can negatively affect you and your family. Issues such as outdated electrical wiring, deteriorating pipes or structural damage, such as a cracked foundation, can put you at serious risk. An inspector will identify these issues and give you information on how to fix or replace items and areas as needed.
An Inspection Will Offer Peace of Mind
A completed home inspection paints a picture of not only the condition of a home, but the overall value, which can help buyers when it comes to negotiation and costs. Without the details of a home’s condition, you may feel anxious and uncertain—both feelings that you should never experience when making such an important and costly purchase. Whether an inspection brings up a lot of issues and problems with a home, or if it yields only a few, you will have the opportunity to walk away or move forward knowing everything necessary about your new house.