After your offer to buy a home enters into a contract, the process of near-endless check writing begins. There are many necessary costs, such as realtor and lawyer fees, and the total of these expenses may have you looking for ways to save money elsewhere. You may be tempted to skip the home inspection and its $200 to $500 invoice
During the pandemic-fueled housing boom, more than 13% of buyers have waived the inspection contingency, which allows buyers to request repairs or cancel the sale if issues are found when purchasing their homes. Although this tactic might be tempting to expedite the sale and gain favor with the seller, waiving a home inspection is generally never a good idea.
A Home Inspection Will Avoid You Making a Costly Mistake
Not all sellers are honest with you or their real estate agent. They may have the best HVAC system available on the market, but is it working okay? An experienced home inspector will check everything and make sure the HVAC system works. Not only that, but all experienced home inspectors will also check that maintenance schedules have been kept up to date.
As a matter of fact, a home inspection will include many things you would not know how to check and things you would not dream of researching. Even if you have previous experience with property purchases, you should always make sure a home inspection is carried out.
In some states, a seller does not have to disclose any problems with their homes. Non-disclosure is known as Caveat Emptor or “let the buyer beware”. Are you beginning to see why waiving your rights to check out the property could be a significant home inspection mistake? It is not worth the risk!
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.
Budgeting for Future Repairs becomes Challenging
Without a home inspection, you may not identify various problems that need repairs or replacement. In this case, you won’t be able to budget for future expenses. These unforeseen expenses can distract your budgeting, leading to financial hardships in the long run.
A home with repair needs can be draining, and you will have to spend most of your time and money fixing the issues. The good thing with a home inspection is that you get armed with knowledge about the current state of the home. You will know how to budget for repairs and replacements.
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.
Finally, never feel bad about pointing out the results of a home inspection to the real estate agent and seller. Always remember it is your money that you are investing in the property. Just be sure, however, that you are focusing on the big issues and not the minutia.
No home is perfect. Lots of buyers lose sight of the purpose of a home inspection. Frankly, it is not to give the homeowner a punch list to make the property to your liking. The home inspection is about discovering structural, mechanical, and other hazardous defects that would cause you not to move forward with the transaction.
Our team provides Colorado home buyers the home inspection services they need to protect their interests, and save time and money by being accurate and efficient. If you’re in the market to buy a home, be sure to contact us so you and your family can have the peace of mind they deserve!