With so much competition, some homebuyers are opting to waive a home inspection to make their offer more attractive to sellers. If you ask any expert, they will tell you that a home inspection is not only recommended but sometimes it is required. We can think of a lot of good reasons for a home inspection beyond contingencies and will outline some of those reasons here so homebuyers can enter into such a huge decision with the best and most thorough information available.
Why is the Home Inspection so Important?
There are so many factors that go into choosing the perfect home and homebuyers have enough to worry about beyond just the physical condition of the structure itself. For most people, a new home purchase will represent the largest investment that will ever make. It is important for homebuyers to enter the transactional phase of the purchase equipped with the most up-to-date information on the current condition of the home so that can have a better idea of what they are getting themselves into. Homebuyers have a huge emotional attachment to the property which is why it is important to have a neutral third party do an objective assessment of the home itself. To put is another way, if a home seller discourages a home inspection, they are playing on the buyer’s normal emotional attachment to the property and the buyer should be suspicious. There are also many items that come up that are easy to overlook and are not easily visible to the untrained eye.
Cost vs Benefit of Home Inspections
It is true that lenders normally do not care about home inspections but as the buyer who is going to have to pocket the repairs costs you should care about a home inspection. It is important to understand that real estate investors, the people who purchase real estate all the time, NEVER buy properties before having them inspected first by a certified professional first. Even if there is no chance the seller will cover repair costs, the only way one can understand the physical condition of the property is if a licensed home inspector performs a thorough inspection with a trained eye the renders a thorough report. That way you can be sure you know about any deal-breaker issues before you sign off on the purchase. It is important to consider that the cost of a home inspection is minimal compared to the peace of mind it will likely bring you. Now consider waiving the home inspection only to find out your new home needs thousands of dollars — or tens of thousands — in repairs. You might have wish you would have paid the few hundred up front and avoided needless headaches months after the purchase was finalized.
The bottom line
A thorough home inspection can turn up expensive problems with the home. When you’re aware of these issues ahead of time, you can often negotiate that the seller pays to fix them — or, you have the option to back out if they won’t. Waive the home inspection, and you’re agreeing to pocket the cost of any and all issues you discover after moving in. Home inspections typically only cost a few hundred dollars, which is a relatively small price to pay for peace of mind when buying a home.