For most people, buying a home is a big decision and could be the most important one they will ever make. Therefore, when buying a home, you may ask questions such as what is the price range of the house you want? What is your preferred location? And perhaps, most importantly, do you need your house to feel like home? Getting answers to these questions can be challenging, especially when in a hurry. Besides, the financial uncertainties associated with home buying a house only add to the challenges. If you are not well versed with the purchase process, you could end up making errors that you will live to regret later. One serious mistake buyers make is forgoing home inspection, and we shall find out why. Read on.
Risks of Skipping a Home Inspection
Deciding to buy a home is a big step in many people’s lives. Many factors influence your home buying decision, which can lead to negative results. For instance, the tough economic situation might influence you to buy a cheaper home than you had intended. Besides, short option periods might see you move into a home without prior inspection. These factors influence home seekers into making decisions that end up affecting them. For instance, they might be willing to forego a home inspection due to insufficient funds. Even worse, some realtors advise clients to skip a home inspection due to such factors. But is that saving money or risking it all?
The housing market is red-hot right now, with some home buyers making it a trend to skip home inspections with the aim of getting into their dream home ahead of other offers. The high demand for homes and short option periods make home buyers rush into securing their dream homes, sometimes skipping very important steps. According to experts, skipping home inspection has been used as a way to expedite home sales, and it has been fueled by the state of the economy and the highly competitive market.
Skipping a home inspection is not an ideal decision and will always be regretted later. Whether it is a tough economic or short option period, strive to have a home inspection before deciding to buy a home. There are many risks involved with skipping a home inspection, and some of them can result in significant financial setbacks. Here are the common risks of skipping home inspections.
1. Unknown Safety Threats
Without a comprehensive home inspection, you may not know the serious safety issues that need fixing before purchasing the house. Therefore, does this mean that a home inspection is required when the house is still new? Absolutely! Always have the house inspected because you will never know what lies beyond what you see. Home inspections take several hours, and experts know what to look for in a home inspection. They will identify several safety issues that may have gone unnoticed. These concerns include fire hazards, electrical problems, and carbon monoxide hazards. Any of these issues are a recipe for great disaster if left unattended.
Thorough home inspections could discover things like animal nests that block the chimney on the roof. This happens especially in older homes. Such obstacles could hinder air circulation, resulting in slow poisoning due to carbon monoxide pumping through your home’s heating ducts. All these serious health concerns are caused by making the mistake of skipping a home inspection!
Therefore, instead of assuming everything is fine and there is no need to invest in a good home inspector, think about the various risks you expose yourself and your family to. Make an effort to get the best home inspectors for thorough and satisfactory inspection. This will save you from many problems in the future.
2. There Won’t Be a Maintenance Plan
Unlike your vehicle, homes don’t come with a maintenance manual you can follow to keep it in good condition. Therefore, by getting a home inspection, you will not just be completing a formality but knowing how to maintain your home. After giving you the final home inspection report, home inspectors also advise you about the home’s future maintenance needs and how you can perform them.
This will equip you with knowledge of tackling various maintenance needs in your home without having to involve an expert. Besides, it helps you budget for the maintenance costs. When you know that your home will need air conditioning replacement every five years, you will set funds aside for that purpose. Other maintenance needs might involve things like roof replacement or repairs, a new furnace, plumbing system replacement, and others.
A home inspector telling you when to expect repairs is as valuable as finding major defects because it allows you to budget in advance. You won’t be stranded in a few years’ time when your air conditioning system shuts down without warning — skipping a home inspection could put you in the opposite situation, where every major defect finds you unprepared.
Furthermore, a home inspection provides you with the information you need to consider the overall price valuation. For example, when a home is selling at a relatively lower price, it will require major repairs after a short period. This means that you might have to start spending a fortune on home repairs shortly after moving in.
A home inspection will alert you on this in advance and influence you to buy a better house with fewer maintenance issues. It is better to spend more on a home with no major defects than spend less on one that will see you spend a fortune on repairs and replacements. Unfortunately, a significant number of buyers go with the latter and later regret the decision. Don’t be one of them!
3. Increases the Chances of Expensive Replacements and Repairs
You may find yourself dealing with major maintenance or structural issues requiring costly repairs or replacements. A good-looking home on the eye doesn’t mean it is free from defects. In fact, most home inspection findings tend to surprise the buyer. Major defects that could make you rethink your decision to buy are hidden by design or nature, and it will only take an experienced home inspector to identify them.
Many home inspections have identified deal-breaking defects that could have gone unnoticed if the inspection had been skipped. Some of the common defects include weak foundations and faulty plumbing systems that cost over $150,000 to replace. This is a significant amount of money that could influence your decision if you knew beforehand. You might be asking yourself what a home inspection is and what it entails.
You are encouraged to work with highly experienced home inspectors with the skills to identify defects. A home inspection does not only revolve around knowing how houses are built but also knowing how they can fall apart. These skills are vital in helping discover a home’s true condition and whether it needs repairs. They also help decide whether a home is worth the investment.
4. You Lose Your Bargaining Power
Apart from offering you valuable insights on the actual state of a home, a thorough home inspection also plays a crucial role in negotiating the final price and other related expenses. Generally, a home inspection will significantly decrease the value of a home, especially when there are multiple offers on the table. Perhaps, that is why most home sellers are willing to snap a home inspection and sell properties without this step.
As a buyer, skipping home inspection can cost you significantly. In fact, between the two parties, it is the buyer that is likely to lose out on key benefits. Some of the major consequences of skipping home inspection in your real estate negotiations include;
- Foregoing the legal contractual: When a home inspection discovers major issues in a house, it offers you a way to legally pull out of a contract that has a contingency clause. This will allow you to collect your deposit without any consequences. When you skip a home inspection, you will be forced to buy the house as it is, even if you discover major defects after paying the deposit. This is because you will have fewer ways to back out of the contract when things turn sour.
- No bargaining leverage: You can use the home inspection results to lower the house price during negotiations. Pointing out various defects puts you in a good position to have the overall price lowered. You can estimate the total cost of repairs and use the figure to lower the house valuation. With no home inspection, you lose a crucial bargaining chip that could see you spend more than necessary.
Hire a Quality Home Inspector Today
No matter the economic situation, never skip a home inspection. You might think that you are saving by foregoing a home inspection, yet you are creating a financial burden that will drain your account in the future. Before deciding to buy a home, get in touch with Stonebriar Property Inspections, Inc. for a professional home inspection process that will help identify defects. We have highly experienced home inspectors that will get to the root of any defect and elaborate it in detail.