Thinking of Skipping the Home Inspection?
Buying a home is a very stressful time & will be one of the largest financial decisions you make. There are a lot of costs involved in purchasing the home which take some homeowners by surprise (i.e. closing costs, insurance fee’s, broker fee’s, inspections, etc.). A lot of buyers find themselves thinking of skipping the home inspection, but there are tons of articles out there on why NOT to skip the home inspection. Here are just some statements made by industry leaders:
Amy Fontinelle with Investopedia states that “Home inspections are used to provide an opportunity for a buyer to identify any major issues with a home prior to closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller. This contingency provides that if significant defects are revealed by a home inspection, you can back out of your purchase offer, free of penalty, within a certain time frame. The potential problems a home can have must be pretty serious if they could allow you to walk away from such a significant contract.”
James Shea with Homes.com lists a few reasons why a home buyer doesn’t want to skip a home inspection:
- Unseen & Unpredicted Problems being pointed out by an unbiased professional;
- More Options with regards to negotiations, etc.;
- Cost Efficiency as “a quality home inspection can keep you from having to pay tens of thousands of dollars in repair costs”.;
- Being able to identify potential Structural Problems;
- Signs of current or potential roof Leaks;
- Identifying issues which affect the Safety & Soundness of the home;
- Being able to plan ahead for future Maintenance Costs;
- Gaining Negotiation Leverage; and,
- Knowing the condition of the home provides Peace of Mind.
Ashley Eneriz of Wise Bread, Living on a Small Budget discusses how getting the home inspection can potentially save you thousands of dollars. Ashley relates stories of concerns related to “Not Taking the Seller’s Word“, being able to “Prepare for Future Costs“, and cautions against taking “Bribes to Skip the Inspection“. There are also tips on what to look for in a Home Inspector and weather or not you should be present for the Home Inspection.
Please take a moment to do your own search & read what the results are.