The home-buying process can be complex and stressful, especially in today’s market. Many people are engaging in bidding wars and competing for minimal supply in desirable areas, leading to rash decisions. One of those bad decisions is forgoing a home inspection process.
Regardless of the situation, here’s why you should never skip an inspection before buying a house.
Prime Importances of Home Inspection:
1. Provides a Back-Out Plan
Getting a home inspection provides a legal way to back out of your offer should you need to do so. Many realtors will submit an offer that’s contingent on the results of the home inspection. As your offer is legally binding, including this step provides a safety net should you discover something concerning in the home.
Note that it’s normal to find a few issues during an inspection. If you’re wondering what to expect during home inspection appointments, you’ll receive a report about every notable flaw and concern from the inspector.
These notes could range anywhere from a few minor cosmetic dents and cracks in the drywall to highly concerning rust and degradation on the electrical panel.
As the acceptable amount of work is subjective based on your budget and perceptions, you can use this to back out of your offer without consequence.
2. Creates Room to Negotiate
Completing a home inspection provides room to negotiate after an offer is made. You can go back to the seller and indicate the work required to justify the agreed-upon price. This aspect of the process lets you create contingencies— like stating the drywall cracks must be repaired— or subtract the repair costs from your offer.
Note that in a competitive market, you may have less room to negotiate. The same applies when you purchase a home marked “as is.”
3. Better Understanding of Cost Implications
So is it worth getting an inspection for a foreclosure or “as is” home? Absolutely. Even if your plan is to go ahead with the purchase, the inspection will help you better understand the journey ahead. Knowing what repairs are needed will help you set a budget and priorities for better financial and expectations management
4. For Safety and Insurance
Sometimes a home inspection identifies an issue even the homeowner wasn’t aware of, such as mold or electrical that’s not up to code. Some of these issues can put your home and family at risk, and some can even limit your insurance coverage options so here are some quick and easy tips to help protect your home.
Again, having an inspection completed will help you determine whether the undertaking is worth it or if you should back out of the sale.
5. Promotes Logical Decision-Making
Buying a home is an emotionally-driven process. You may walk through the house and fall in love with the layout, the property, etc.
Having a home inspection completed helps you make a logical decision by showcasing the whole picture beyond the cosmetics and staging. It’s truly disappointing when a home you have your heart set on falls through because of the inspection, but it’s better to find problems beforehand.
Skipping a home inspection is a huge mistake, especially in a competitive market. Protect your investment and your wellbeing by having a proper inspection completed before buying a house.