Why It's Not A Good Idea To Waive The Home Inspection
It is typical for offers on a home to be made conditional upon inspection of the home. However, in really hot housing markets, it is not unusual for buyers to agree to waive the home inspection in order to make their offer more appealing to sellers. Sometimes this works out for the buyer, but often, it is not a very good idea. Here are a few key reasons why waiving the home inspection isn't typically wise.
The home may have major problems that are costly to repair.
Major issues with a home, such as foundation damage or roof damage, are not always as easy to spot as you might think. The average homeowner or buyer may completely overlook the subtle, early signs of these major issues. Also, it is not easy to climb up on a roof or into a crawlspace to fully check on the foundation or roof. If you forego an inspection and the home you buy ends up having any of these issues, you'll be on the hook financially, and the costs can be substantial. If you do have a home inspection, any big issues like this will be discovered, so you won't find yourself facing major repairs a few months into homeownership.
The inspection may turn up issues that can allow you to lower your offer.
In some cases, there may not be anything too serious wrong with the home, but the home may have some minor problems that come up during the inspection. For example, the inspector may find a leaky toilet, or they might find that one of the sprinklers in the yard is broken. These little issues shouldn't stop you from buying the home, but they are a reason to lower your offer. If it weren't for the inspection, you might not find out about these things and may end up over-paying.
The inspection gives you a good baseline.
Walking through the home with the inspector also gives you a better idea of how the home is doing and the issues you'll need to take care of going forward. For instance, the inspector may tell you the home has a passable amount of insulation, but you could add more. Or, they may tell you that the home's siding is okay but will need to be replaced in about 10 years. This information will help guide you once you buy and move into your home, and it's worth paying for.
It's rarely a good idea to waive the home inspection. It's a step that protects you as a buyer, so make it a priority.
Contact a professional for more information about home inspections.
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