When you’re buying a house, especially during a hot market, it may be tempting to forego certain steps to expedite the process. Waiving a home inspection, however, is never going to be a good idea. Here are some reasons why you should never skip the home inspection.
After a home inspection is completed, the buyer can reevaluate their offer, renegotiate the terms or even pull out. More than 80% of home prices are negotiated at least twice when they include a home inspection. 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.
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. If you skip the the home inspection, you risk letting both minor and major issues go undetected, and any repair costs will come out of your pocket.
Without a report, your insurance company may not cover pre-existing issues discovered after purchase without a home inspection. This means you will likely have to pay out of pocket for any repairs.
Home inspectors note any health and safety hazards. Without this, you may not be aware of potentially dangerous conditions. Issues such as outdated electrical wiring, deteriorating pipes or structural damage, such as a cracked foundation, can put you at serious risk.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.
Peace of Mind
A completed home inspection paints a picture of not only the condition of a home, but also 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. 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.Questions? Contact Faith Home Lending Today!