There are some things you need to know about home inspections and why they are so important. In some instances, buyers will be advised to waive a home inspection in order to go in with a “clean offer.” While that seems like a good strategy, especially for a new construction house, it’s really not a good idea. In fact, in almost every single case, a home inspection is highly recommended. This is because it tells you about the true condition of the home. But, there are more reasons you shouldn’t waive a home inspection.
6 Reasons You shouldn’t Waive a Home Inspection
Savvy sellers opt for a pre-listing home inspection, taking the initiative to learn about anything they are unaware exists. This proactive step allows sellers to find out about unknown problems or potential problems before putting their homes on the market for sale. It’s a good strategy because sellers are able to make repairs and replacements prior to actually staking a For Sale sign in their yards. It also shows buyers they have nothing to hide and are completely honest and open.
“…an appraisal contingency doesn’t replace the importance of having a good inspection done. If homes are so hot that you have to come in with a completely “clean” offer, entirely devoid of contingencies, then you need to re-evaluate what sort of risk you’re willing to take in order to make the deal work. Not having any contingencies could leave you exposed to a multitude of expenses.” —Washington Post
But, as a buyer, even in this scenario, you should not skip a home inspection. It’s important to remember the inspector works for the person who hires him, so having another look-see is just being prudent. After all, buying a home is a super large investment and one that will be a big part of your financial future. You need to be in-the-know and be aware of any material defects. Here are six compelling reasons you shouldn’t waive a home inspection:
- It gives you a sound legal exit. Real estate purchase contracts contain certain contingency clauses. Among these are the right to back out of the deal due to the results of a home inspection. If you waive your right of having an inspection, you’re essentially binding yourself more tightly to the contract and have fewer options if something is awry.
- You’re alerted to safety issues. The whole purpose of a home inspection is to uncover material defects — problems that devalue a home and/or are a health and/or safety issue. The home might contain mold, radon, or carbon monoxide and you should definitely know about this. If any do exist, you have the option to walk away or have the seller take care of it.
- It reveals any illegal work done. It’s possible the house contains unpermitted work and that’s a really big problem for a few reasons. First and foremost, it might actually devalue the property or it could be poorly done, posing a safety issue. But most of all, it’s not legal; so you are in jeopardy of buying something that does not legally exist.
- It can be used as a negotiation tool. If the home inspection does reveal existing or future potential issues, you can use the information as a negotiation tool. It can be used to lower the price and/or have the seller make repairs before the deal goes forward.
- You’ll know about future expenses. Another good thing about a home inspection is you’ll be told about future replacements and repairs. For instance, if the HVAC system or the roof needs to be replaced in the next few years.
- It might be required to obtain insurance. It’s possible you might be required to have a wind mitigation inspection and/or four-point inspection to obtain insurance. And, if the home isn’t insurable, it can’t be financed in most cases.
If you are considering buying a house in Orlando’s Hunter’s Creek, or another community, contact us for the latest market information. We are local and experienced in all facets of residential real estate, here to help you, when you need it.