The housing market is red-hot and that has sparked a trend among buyers to skip home inspections to nab their dream homes – in fact, more than 13% of buyers are waiving the inspection contingency. But real estate agents advise that you get a home inspection before closing on a home.
Here’s why you shouldn’t skip a home inspection:
Reveal the Invisible
As you walk through your prospective new home, all you’ll see is the visible. Keep in mind that there’s more to a property than what meets the eye – even new construction homes could have some issues, including truss rise, weak slab, and flooring issues, among others. A professional home inspector reveals what’s visible and invisible to the untrained eye, such as safety hazards, water leakage, or pest problems. That can save you from costly repairs down the road.
Essential Note: Termites alone will damage 600,000 homes annually. A home inspection will help you avoid buying one of those homes unknowingly!
Helps in Negotiation
Did you know 86% of inspections will find something that requires repair? Fortunately, if the inspector finds issues with the house or determines that, for instance, the roof has outlived its life expectancy, you can renegotiate the selling price. The inspection report is your evidence of what repair or condition issues exist that will require money to fix – an aspect to factor in when agreeing on the selling price.
Offers a Way Out
In most cases, you’re advised to have a home inspection contingency in the offer you sign to buy a home. That means if the inspector discovers major issues that would cost you lots of money to fix or lower the property’s value significantly, you can walk away from the deal without penalty and get your earnest money back (if you had deposited it while making the offer).
Don’t Skip a Home Inspection When Buying a Home!
Skipping a home inspection could mean running the risk of purchasing a home that doesn’t meet safety standards and isn’t worth the asking price. For more details on why you shouldn’t skip a home inspection when buying a home, feel free to get in touch with our real estate experts.