Why You Don't Want To Skip Your Home Inspection

Why You Don't Want To Skip Your Home Inspection

When you discover the home you want to buy, the thrill can be overwhelming. You've walked through the property, envisioned where your furniture will go, and perhaps even imagined enjoying your morning coffee on the porch. The last thing you might want is additional steps slowing down the process or losing the house to another buyer who forgoes their inspection.

However, purchasing a home is among the largest financial commitments you will make. No matter how ideal the home appears, skipping a home inspection can be a costly mistake.

What Exactly Is a Home Inspection?

A home inspection provides a thorough examination of the home's condition, typically conducted after your offer is accepted but before closing. The specifics of what is checked can vary by state, but inspections generally cover major aspects of the house such as the roof, foundation, plumbing, electrical systems, HVAC, and more.

Why an Inspection Is Worth It

Here are some key advantages of conducting a home inspection:

• Detects Hidden Problems: Even if a home looks ready to move in, there could be underlying issues not apparent during your initial walkthrough. Discovering these issues before closing is crucial, allowing you to understand any potential repairs needed.

• Enhances Your Negotiating Position: The findings from a home inspection can provide leverage in negotiations with the seller. You can use this information to request that the seller address repairs or to obtain a credit to handle the repairs yourself, with the guidance of your agent.

• Provides Peace of Mind: Buying a home can be an emotional journey, especially after a long search. A home inspection can alleviate some of the uncertainties, helping you proceed with more confidence.

Investing a few hundred dollars in a home inspection now could save you thousands down the line in unexpected repair costs. As the National Association of Realtors (NAR) states:

“Failure to obtain a home inspection could potentially cost you a great deal of money and hassles in the long run.”

Why You Don’t Want To Waive Your Inspection

Recent data from NAR shows that nearly 1 in 4 buyers are waiving the inspection contingency. With the onset of the spring homebuying season and increasing buyer competition, you might be tempted to skip the inspection to strengthen your offer. As Realtor.com notes:

“ . . . if you're in a hot real estate market where homes are getting multiple offers, there might be a temptation to skip an inspection when you really want the house. However, waiving a home inspection comes with sizable risks.”

But remember, forgoing an inspection is a risk that may not be worth taking. There are other strategies to make your offer appealing, such as being flexible with the closing date. Discuss with your agent other effective tactics to catch a seller’s eye without compromising your security.

Bottom Line

Though skipping an inspection might seem like a shortcut to a competitive edge or a faster transaction, it poses significant risks. It’s more than just an additional procedure; it’s a prudent measure that safeguards your finances, your investment, and your future.

What would you want to ask a home inspector before making a purchase? Share with me, and we'll ensure it's addressed right away.