When you buy a home, one of the choices you must make is whether to have a home inspection before you sign on the dotted line and make the home yours. You may think that forgoing a home inspection will save you a few bucks at a time when every penny counts, but the potential risks of waiving an inspection might outweigh saving a few dollars. Read on to learn about those risks so you can make the right decision for you.
You Are Waiving the Opinion of a Trained Professional
A home inspection is conducted by a licensed inspector who knows exactly what to look for to make sure a home is in good shape. That means that they will do a much better job in their thorough inspection and find more information out about the home than you would yourself. When you waive an inspection, you are essentially saying no to the expertise of a trained professional who can help spot hidden problems before those problems become yours.
You Won’t Know What You’re Walking Into
During a home inspection, a potential buyer can be made aware of certain issues with a home that might challenge their decision to buy the home after all. An inspection can reveal things as small as a leaky faucet all the way to large issues such as a termite infestation and a leaky roof. Forgoing a home inspection means that you truly won’t know what lies beneath the surface of your home, and you may be setting yourself up for expensive unexpected repairs in the future.
You Lose Your Bargaining Power
When you pass on a home inspection, you are completely handing over your bargaining power to the sellers. After all, if you don’t know what might be wrong with the home, how are you supposed to negotiate for repairs or a price cut? When you insist on a home inspection before you purchase, you retain that bargaining power and protect yourself from unforeseen issues.
You Give Up Your Ability to Walk Away
Although you may think that the house you have chosen to buy is your dream home and you want to own it no matter what, having the ability to walk way from the sale if an inspector finds something wrong with the home is an invaluable asset. Although the home might look great on the surface, if there are issues that you cannot resolve, having an inspection contingency in your contract gives you the ability to walk away from the sale. This means you won’t get stuck with a home that you can’t handle.
Waiving an inspection is risky business, and a decision you should not take lightly. The NC Housing Finance Agency offers home buyer resources and information to help buyers make the best decisions for them with they buy a home. Learn more about home ownership and the resources that the Agency offers to help make it easier and more affordable at www.nchfa.com/home-buyers.
