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Risks of Waiving a Home Inspection

Purchasing a home is an expensive process, there are many costs to factor in such as lawyer fees, insurance, inspections, and much more. 


The thought of skipping a home inspection may cross your mind, it's a few hundred dollars that you may not want to part with. However, having a home inspection completed, can save you a world of problems and money later. 


Below are a few reasons that having a home inspection completed will be worth every penny and possibly save you a lot more in the future!   


Safety 


A home inspection will find things that you can not see, such as radon, carbon monoxide, mold, and much more. You want your new home to be as safe as possible and without a thorough home inspection, these may not be found. 


Negotiating


If during your home inspection, some problems are found, this gives you an excellent opportunity to negotiate with the sellers. You can request a discounted price or ask that the seller fix/repair the problems prior to closing. 


Insurance


Many insurance companies will not insure a home without reviewing the home inspection first. They need to be assured that what they are insuring is in good condition. Always check with your insurer prior to declining any inspections. 


Mortgage funding 


If you are depending on your bank to lend you the funds to purchase your new home, then you need to ask them if they require a home inspection. Many lenders will require a review and approval of the inspection prior to releasing any funds to you. 


Future costs


A proper inspection will give you an idea of the age of your roof, hot water tank, HVAC systems, and much more. Each of these will then give you a better idea of how to budget for future repairs and replacements. If you don't have a large savings account but have plenty of upcoming costs that are needed, this may not be the right home for you. 


Deal breakers 


Your home inspection will give you an idea of anything that will be a deal-breaker for you. It may be that the foundation of the home is cracked, or that the roof needs replacement within the next year or two, whatever it may be, the inspection will give you a better understanding of the condition of the home and help you decide if you should move forward with this purchase or find something more suitable to you and your budget.  

 

We understand the market is quick and homes are often selling before you can even put in an offer, however, we want you to be aware of the risks that you could be taking should you skip a home inspection when purchasing your new home.

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