Is it Bad to Skip a Home Inspection?
Buying a new home is typically a lengthy process, and the stress that comes along with finding the perfect place to live can be overwhelming. By the time buyers find a new home that they love, they often feel exhausted with the market and the process and are ready to finish the sale as soon as possible. While it may be tempting to expedite the process and eliminate steps, cutting corners when it comes to your new home isn’t a good idea. One of the most important elements of the closing process on a home is the home inspection.
Many people wonder: Are home inspections really necessary? The answer is pretty simple, while everyone has different ideas and preferences, everybody would agree that living in a safe and secure environment is highly important. Skipping a home inspection means you risk buying a home that may not be safe to inhabit or up to your standards, since many common issues within a home are easy to miss without a thorough inspection from a reputable building inspector.
What are the Risks of Skipping a Home Inspection?
Unknown Health & Safety Hazards
The biggest risk that comes along with skipping a home inspection is that the home may have serious issues that could pose a health or safety risk to its inhabitants. Without conducting a home inspection, you lose the opportunity to learn about urgent safety issues that should be addressed before closing on the sale of the home. Concerns such as electrical hazards, fire hazards, possible mold or moisture, or carbon monoxide hazards could be identified. It is not uncommon for a home inspector to uncover major safety concerns when inspecting a home, oftentimes needing to be remedied immediately due to potential danger. Everybody wants a safe home, and leaving the safety of your home a mystery isn’t a great idea.
Expensive Repairs or Replacements
While some people might think that major structural or maintenance issues would be obvious or jump out to the untrained eye, the truth is most of the issues discovered through a home inspection are a surprise to the buyer (and often the seller as well.)
Many of the problems that might deter a buyer from purchasing a home are hidden or disguised either by nature or by design. Because of this, it takes an experienced and knowledgeable home inspector to identify them. There are any number of deal-breaking problems that might be uncovered during a home inspection, with some of the more extensive issues (such as foundation problems) that might cost as much as $100,000 to fix or replace.
The art of inspecting homes and buildings is actually a form of forensic analysis and it takes years and years to develop and hone these skills. Home inspectors possess a wealth of information and expertise who will provide information that would not otherwise be accessible.
No Maintenance Plan / Preventive Maintenance for Home
Unlike cars, homes don’t come with instructions or a maintenance manual. A home inspector can give you great advice about the preventive and future maintenance needs of the home which helps to ensure that the new owners are well informed.
Knowing what big repairs or replacements may be coming up in the next several years can make it easier to plan financially and be ready when the time comes. Things such as roof repairs or replacements, or a new furnace can be costly, and being surprised by these costs is never fun. A home inspector can help you understand the entire home, inside and out, as well as equip you with what to expect down the road. This can be just as valuable as the discovery of major problems or defects with the home.
Is it Smart to Buy Without an Inspection? When is it Okay to Skip a Home Inspection?
In today’s hot real estate market, it is becoming increasingly common for buyers to put an offer on a home with no conditions, meaning they will take it as is and forgo any home inspection. With such a competitive market, many buyers wonder if they should waive the home inspection if it means securing the home you want. Experts agree that it is never recommended to skip a home inspection when purchasing a new home. When you buy without a home inspection, you are surrendering any legal contractual out should any major issues be detected. This means that the cost of any repairs or replacements falls only on the new owners.
By skipping a home inspection you are also eliminating a powerful bargaining tool. Often inspection results are used as leverage during negotiations for the selling price and/or closing costs, resulting in a lower offer when defects are uncovered. With no inspection, the buyer is actually giving up what is often a very important bargaining chip.
If you want to learn more about why you should never skip a home inspection or to schedule a home inspection, contact us at Building Insights today!