A home inspection is one of the most essential things you must do when buying a home. In this pandemic-driven market with low housing supply, it’s become trendy for people to buy a home without an inspection. However, a word of advice: Do not fall victim to this trend. It’s crucial to get an inspection when buying, even if you think it will take up some time and money. Here’s why an inspection is so important and why it’s not worth it to buy a home in poor condition.
Perhaps most obvious are the safety reasons to get a home inspection. We would like to think all sellers keep their homes in great shape and wouldn’t leave any potential safety threats behind. Unfortunately, this isn’t always the case. It’s possible the sellers don’t even know certain safety concerns exist in the home, which is why you should have a professional come take a look. Inspectors will take in everything from the home’s foundation to the structure’s stability, as well as things like mould growth or wiring issues. Mould generally isn’t life-threatening, but it can cause big problems for people with asthma, and black mould is a serious issue. Plus, you don’t want mould spreading through your home in any case. On the other hand, things like faulty wiring can be life-threatening, since it can cause fires in the home. If you had any doubts about getting an inspection when buying, hopefully these safety concerns change your mind!
Reveal prohibited additions
If the current owner completed any renovations or additions that changed the structure of the home, such as knocking down walls, adding extra rooms, or altering the home beyond cosmetics in any way, they likely would have needed permits to do so. If they didn’t follow these rules when completing their projects, this is something you should know before you buy. Illegal additions can harm your ability to have a seamless buying experience. You likely won’t be able to get the insurance you need, the property value will lower, and taxes will be higher. You don’t want to buy a home where you’ll be responsible for fixing illegal renovations. These renovations could be uncovered during an inspection when buying.
Save big money down the road
Even though a home inspection costs you money upfront, it can save you thousands of dollars down the line. Imagine skipping on an inspection and buying a home. Then, you later find out you have to pay to fix issues with plumbing, pests, or floods. These will cost so much more than the price of an inspection, which would have revealed these issues before you bought the home. It’s worth the relatively small amount of money to pay for the inspection if it means avoiding these disasters later. Whether you decide to skip on the home or ask the sellers to pay for certain fixes, you’ll be saving yourself lots of money.
Leave room for negotiating
If a home inspection turns up big problems, this leaves you with a couple of options between you and the seller. If you decide you still want to buy the home, you can negotiate a lower buying price with the seller if you’re the one who will be taking care of the fixes after the home passes hands. You can also ask the seller to pay for fixing these issues before you buy, so you don’t have to. With any major issues, you have the right to negotiate prices a bit with the seller. However, don’t use minor inspection issues to demand a much lower buying price, because this may backfire on you. Be realistic about what you can expect from the seller and what actions you can take if the inspection turns up issues of genuine concern.
Never try to skip out on an inspection when buying a home. Inspections keep you safe, and they help you understand everything about the house you’re about to buy. With an investment as big as this, it’s important to have a full picture of what you’re getting yourself into. Even if you think it will make you more appealing to sellers to skip the inspection process, it’s not worth the potential risks in the future.
If you’re looking to refinance your mortgage or buy a home, get in touch with me!