There are plenty of reasons not to skip a home inspection. It’s a golden opportunity to escape a bad situation you (or even the seller), might yet know exists. Even if you’re buying brand new construction, a home inspection is worthwhile because it can alert you to so much. And, at the very least, it provides you with a little more peace of mind. Now, some instances suggest that you should waive the right to an inspection (particularly when the seller has already conducted a pre-listing inspection). But, it’s a big risk since buying a house is such a large expense.
Difference between a Home Appraisal and Home Inspection
Some buyers think a home inspection isn’t necessary since the mortgage lender will require a home appraisal. After all, if the bank won’t go through with the financing, isn’t that enough> Well, not really. This is due to the fact the two aren’t very similar. A home appraisal does just that — it determines the market value of the property to support the agreed selling price. But, it does not get into material defects.
“…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.com
This is to say, a home inspection is conducted to find issues which impact the safety and/or value of the house. In other words, to ensure all structural components are in good condition and all systems function as they should. (These include the electrical system, plumbing, foundation, roof, and more.)
Top 5 Reasons not to Skip a Home Inspection
Some buyers wonder about the true value of a home inspection given the seller is legally obligated to disclose any issues. That’s misleading because in the state of Florida, sellers are only legally required to disclose any known issues. If the seller isn’t aware of a problem, he or she isn’t legally liable, it’s that simple. Here’s the top five reasons not to skip a home inspection:
- It offers a legal exit. If the home inspection does uncover issues with the house, you can walk away from the deal and take back your earnest money deposit. Remember, if you waive the right to an inspection, you’re binding yourself tightly to the contract.
- It’s a negotiation tool. Of course, if the home inspection does uncover a problem or two or more, this can serve as leverage for negotiations. It’s a handy card to play and can help to sweeten the deal in your favor as the buyer.
- It will alert you to future expenses. Another good thing about a home inspection is that it can act as a heads-up for future costs. The report might note something that will need replacement in the future so you aren’t taken by surprise.
- It will uncover key issues with the house. There just might be a big safety or health issue the seller doesn’t know exists (or, isn’t aware of the extent of the problem). It could be mold, radon, or something else.
- It could reveal any past unpermitted work. If you plan to sell at some point in the future, it’s certainly good to know about any unpermitted work. These existence of unpermitted work brings a whole host of problems you simply don’t want to take on.
If you are considering buying or selling 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.