Buying a home is most likely the largest investment you’ve ever made. You will be making payments on your home until it’s paid off or you sell it. Many home buyers think that the home inspection is one part of the Purchase Agreement that can be waived to make an offer more attractive to the home seller. It’s true it might make your offer more attractive, but it also puts you at great risk.
The home inspection serves to reveal issues in the home that are hidden or that you didn’t know to look for. A professional inspector will look at everything from the foundation to the roof and report any issues to you. Your agent should make the Purchase Agreement contingent on the results of the home inspection so you won’t be stuck buying a home with problems even after the inspection. If you are thinking of waiving your right to a home inspection during the closing, read these 5 reasons not to waive the home inspection before you make any decision:
1. Problems such as mold, carbon dioxide, and lead paint will be revealed.
Some issues in the home aren’t immediately visible to the inexperienced eye. Maybe there is a high level of carbon dioxide in the air or the paint is lead-based. The professional home inspector will know exactly where to look and what to look for. Giving the home a thorough inspection yourself will help you determine the overall condition of the home; it will not tell you anything about deep-seated issues. Those are the ones you really need to look out for.
2. Checks to make sure any remodeling is to code and with the proper licenses.
Building to code is important for safety and legal reasons. If the current owner or the previous owner built anything on the property not to code, the home inspector will find out. You don’t want to buy a home where any part of it has been built without proper licensing from the city or not to code because you will have problems if there are any future problems or if you want to remodel what’s already been built.
3. It only costs $200-$500.
Buying a home is going to cost you a lot. Relatively speaking, a home inspection costs very little, but it can ensure that the property you are buying has no hidden, costly issues before you buy.
4. The results can be a negotiating tool.
Oftentimes, the home inspection will reveal minor problems like a leaky roof, doors that don’t open easily, or windows that won’t shut all the way. You can ask the seller to fix these problems before you will buy the house, or you can ask for a price reduction. The same applies for major problems such as a damaged foundation or bad plumbing.
5. If you don’t approve of the results, you can back out of the deal.
The seller may refuse to fix the problems or to lower the price of the home for a variety of reasons. Now that you know what issues you will face in the home, you must make a decision. Is the home worth the hassle? If not, walk away from the deal with only your $200-$500 home inspection fee to lose.
Don’t let your desire to be the owner of a house cause you to waive your rights as a home buyer. Know what you’re buying; pay to have a home inspection before you close escrow. You’re going to find out about issues in the house one way or another. It’s best you find out before you own it.
For help drafting a purchase agreement and finding a great home inspector, contact a First Team real estate agent. A real estate agent’s experience in the ins and outs of real estate will save you time and stress, as well as protect your interest while buying a home.
To learn more about choosing a home buyer’s agent, check out the article 8 Reasons To Hire A Home Buyer’s Agent.
