In today’s market where would-be homebuyers can be thwarted by cash offers or higher bids, you may be tempted to sweeten your deal by making a concession, such as offering to skip the home inspection. Here’s why that should never be an option.
- Unseen problems. You may incorrectly believe that you’d be able to flag any problems during your walk-through. Not so. There are many issues that can only be uncovered by a trained eye, such as structural problems, mold or electrical issues. Not only are such hidden issues often dangerous, they can cost big bucks to rectify, an expense a new homeowner is often not ready to cover.
- Safety risks. Undiscovered issues with your home may go undetected for months or years, and in the meantime, could be putting you and your family at risk. Outdated wiring or structural problems to the foundation or roof are not something you want to take a chance with.
- It skews value. If you skip the home inspection, you may buy the home believing it’s worth a certain amount, only to find out that the value drops after uncovering a problem, potentially putting you in a place of instant negative equity. Your most important investment is suddenly at risk.
- Insurance issues. If there is no official home inspection conducted on the home, your insurance company may not cover issues discovered after purchase, forcing you to foot the bill out of pocket.
- Resale issues. If you skip the home inspection and discover issues afterwards, your ability to sell your home is put on hold until the issues are corrected. This means that your hands are tied should you need or want to move in the near future. You can also plan on less return on your investment as you will need to repair any issues before selling, or take a potentially greatly reduced price by having to sell as-is.
