The past few years have seen a frenzy of homebuyers waive their rights to a home inspection to get the home they wanted. It is a large investment when you buy a home, perhaps the largest investment you will make in your lifetime.
Some home inspections were waived the last few years due to home inspectors that were backlogged. Buyers just went ahead without the inspection. Multiple offers were on the table, and you had to act fast, or you could lose out on the home you wanted.
What a home inspection does
- Protects your financial risk
- Can uncover potential problems such as old wiring, unsafe heating, or structural issues in the home
- Gives you peace of mind
- If there are major issues in the home, you can still back out of the contract
- Some lenders will not give a mortgage without a home inspection
What problems can arise when you waive an inspection
- Country properties might not have a good water supply source (well)
- If you are on a septic system and it is not inspected, it can cost you upward of thousands of dollars to get a new system
- Mould and mildew
- Wet basements and attics
- Old plumbing, electrical, or HVAC systems
- Structural issues
These are just some of the issues that may come out of a home inspection. Remember no house completely fails a home inspection. Home inspectors are there to give you a visual examination of issues that may be of consequence when you are selling or purchasing a home.
Sometimes you can’t tell if you have problems unless a thorough inspection is done in the home. Having a friend walk through for 30 minutes will not give you a true inspection.
It is always wise to get the advice of your real estate team when you are purchasing a home. Our Anne Winch Real Estate Team has many professionals that are there to help you make the right decision. Some offers may come with contingencies, such as home inspection, water/septic inspection, and financing. This is all part of the negotiation of your offer. Some sellers will not look at the contingency of selling your home first, but your real estate team will be able to help you with these types of negotiations.
We hope that we have given you some items to think about when you are closing the deal as a buyer. We would like you to have an exciting adventure when you purchase your next home. Do not hesitate to contact the Anne Winch Real Estate Team for any of your real estate needs.