In a booming housing market, many home buyers rush into buying without conducting proper home inspections. Limited inventory has been a driving force behind property-buying sprees. However, without a proper inspection, you may buy into expensive maintenance issues that you’ll need to fix down the road. Here are the consequences of skipping a home inspection.
Unknown Risks of Skipping Home Inspection
If you don’t conduct a thorough home inspection, it’s possible you’ll be paying for a new HVAC system, kitchen appliances, water pipes and several other possible defects. According to real estate industry experts, buyers who are in a position to choose from multiple offers tend to pass on homes that have inspection contingency issues. Experts believe buyers should never skip the inspection even though it costs a fee.
Another risk you may be overlooking if you skip the inspection is your new home may have been exposed to toxic chemicals. A toxic environment can cause health problems for both humans and pets, which adds to healthcare bills and time away from work, resulting in lost income.
Other risks that may exist involve faulty electrical wiring, fire hazards, and potential carbon monoxide poisoning. Any type of leak can grow into a much bigger repair problem if it’s not caught early.
Why Home Inspections Matter
Hiring a professional home inspector will give you the insights you need to know about what your long-term investment will be. Working with an inspector will give you a greater insight on the quality of the home’s components. This information may give you leverage in negotiating the final selling price.
On the other hand, if the seller has multiple offers, it creates a more competitive environment for buyers, in which case the seller has the upper hand. The issue then becomes how badly do you want the home, and are you willing to make sacrifices to get it? One way to avoid a deal-breaker over home inspection is to ask the seller if the inspection can be used simply to confirm the condition of property and not for further negotiations.
Without a complete inspection, you are basically buying the property “as is.” However, if you sign a contract with a home inspection contingency clause, you can back out of the deal unless the seller agrees to your conditions.
Negotiating Away Home Inspection Contingency
In some cases, the only way to get the home of your dreams is to negotiate away your home inspection contingency option. In such a scenario, you can still mitigate risk by taking a few actions. You can ask if the seller has documented any recent inspections for you to review. Scheduling a walk-through will at least give you a peek at the home for yourself. It also helps if you bring along a friend who knows what to look for in a home.
Purchasing a home is a huge investment that sometimes costs more than it appears at first glance. Insisting on a home inspection contingency plan is usually in the best interests of the home buyer. Contact the experts at Brighton Escrow to learn more about safe escrow services. We are happy to offer you a top-tier escrow service.