Understanding the Value of a Home Inspection
Buying a home is one of the largest investments most people make in their lives. For this reason, buyers should want to know everything there is to know about the property they will be paying for over the next 30 years.
This is why home inspections exist. They provide the prospective buyer with greater insight into the state of most of the home’s primary elements. While a home inspection is important and recommended, there may be occasions where a buyer may choose to waive the inspection.
In today’s post, we share the pros and cons of waiving your home inspection when buying.
Why You Should Have the Home Inspected
It can be easy to get caught up in the process of buying a home, especially when you find one that you fall in love with. When this happens, you want the process to move quickly, so you do not miss out on such a wonderful opportunity for your family. While this is certainly understandable, you do not want to cut any corners, especially regarding having the home inspected by a professional.
Getting a professional to inspect the home you want to purchase will give you a better idea of the home’s overall condition. Although an inspector won’t open any walls or ceilings to look for hidden signs of damage, they do inspect those elements that make up most of the home’s most expensive repairs, like the roof, the foundation, the HVAC system, and the electrical and plumbing systems. Most inspectors will even inspect the home’s appliances to make sure they are in good operating order.
Just because a home looks great from the street does not mean that there isn’t a major repair waiting for you inside that you will have to deal with before you even get a chance to move your belongings in.
Why You Might Want to Waive the Home Inspection
Many first-time home buyers assume that a home inspection is required when applying for a mortgage or obtaining homeowner’s insurance, but it is not. A home inspection is solely for informational purposes, so the buyer can have the most information about the home they are buying. That said, there may be times when you might want to consider waiving the home inspection.
It is most common for buyers to waive the home inspection when it is a seller’s market. This is because demand is high and most properties on the market receive multiple bids. Someone who is buying in a seller’s market may choose to forgo the inspection to make their offer more attractive to sellers. After all, when problems are found during an inspection, it is usually the seller’s responsibility to fix them. By removing that financial responsibility from the negotiations table, you increase the odds for the seller to choose your offer.
Waiving the home inspection is also a popular tactic used by buyers who want to save money on the home purchase by making an offer that is lower than the asking price. Some sellers may accept a lower offer should the buyer waive the inspection for the same reason as above. Lastly, buyers who are purchasing a new or relatively new home may choose to forego an inspection because they believe the chances of there being something significantly wrong with such a young home are minimal or any problems that do exist are still covered under warranty.
Whether you choose to have your home inspected or waive the inspection is a personal decision and ultimately it is up to how much risk you are willing to take. If you want to have the peace of mind that comes with a home inspection, just make sure you choose an inspector who is licensed and a member of the American Society of Home Inspectors.
