Don't let your dream home become a nightmare.
Shopping for a new home can be an exciting blur of listings, neighborhood scouting, and open houses. There’s so much to consider! You want a house in the perfect neighborhood with that gorgeous kitchen and great yard — all within your budget.
And then, it all finally comes together and you think you’ve found your dream home. Once you’re under contract, you’ll need to have your future home professionally inspected by a certified engineer or a licensed inspector. The inspector will carefully examine the entire house from top to bottom, checking its systems, structure, and equipment for functionality and potential problems.
With all of this being said, here are 7 reasons to think twice before waiving a home inspection:
1. Find deal-breakers
A home inspection will set you back several hundred dollars, but it can easily save you thousands down the line. Before you officially become the new owner of the house, it’s important to learn all you can about its general condition and avoid potential unexpected costs.
A house can look fantastic and may sway you to consider waiving a home inspection. But beneath it all, it could have major structural or technical issues with its wiring, roof, HVAC system, plumbing, and more. A quality home inspection will give you the inside scoop on a house before it becomes your home. If the inspection reveals any large problems that would require heavy maintenance or expensive repairs, you may want to back out of the deal. Having an inspection contingency in your contract gives you a way to opt out even after you are officially under contract.
If the inspection reveals major problems, but you like the home too much to back away, you can ask the seller to fix the problems before the closing date. Sellers will usually agree to cover any major repairs or to offer the buyer a credit toward overseeing the repairs themselves.
2. Safety concerns
Another important reason not to consider waiving a home inspection is because it can reveal the presence of harmful substances like radon, carbon monoxide, and mold. Look for these hazards before the home is officially yours. You don’t want any unpleasant surprises after it’s too late.
3. Anticipate future costly repairs
A home’s systems and equipment may appear to be working perfectly when they’re actually on their last legs. A professional inspector will be able to determine the age and condition of the home’s systems and equipment, and then forecast when they may need to be repaired or replaced. This might not be a big enough deal for you to back out of the contract, but it will help you budget for a major repair several years down the line. Alternatively, you may be able to use this information for price negotiation.
4. Reveal illegal additions
The awesome rec room you love in the basement of your potential new home might have been illegally built. An inspection will check for rooms, garages, and basements that were added or finished without following legal codes or obtaining the proper permits. Having an illegal addition in your home means owning property that does not officially exist. This can get you into trouble with home insurance and property taxes, and can make it difficult to do more work on these areas in your home.
If a home inspection reveals any illegal additions, you can ask the seller to obtain the proper permits and use this information as a bargaining chip, or choose to back out of the deal.
5. Obtain insurance easily
Add this to the list of reasons to get a home inspection! Lots of home insurance companies will not insure a home if it has not undergone a certified inspection. Insurance companies don’t want to take a chance covering a home that’s going to need costly repairs in the near future.
6. Learn how to protect your investment
If possible, arrange to follow the inspector around the home as they complete the job. They will be an invaluable source of information for you, providing tips and knowledge on how best to maintain your home, its systems, and equipment. Knowing how to properly care for your home can save you thousands of dollars over the years.
7. Negotiate
When waiving a home inspection, you can lose out on the opportunity to negotiate more on the purchase price of your home. In most cases, these inspections will reveal some problems. If they’re minor enough to keep you interested in buying the house in its present condition, you can use them as bargaining chips to renegotiate the purchasing price of the home.
So, let’s revisit this question: “Should I skip a home inspection?” After reading this article, we hope that the answer to that question is a little clearer. No matter how perfect your dream home looks, it’s important to pause and think twice before waiving a home inspection.
Don’t forget! Whether you’re deciding if you’re really ready to buy a home or you’re bracing yourself for closing costs, Clearview is here throughout your entire homebuying journey.