Buying a home is an exciting moment, but it can also be a stressful one. One of the most important steps in the home-buying process is getting a home inspection, as this allows you to know what you're getting into before signing on the dotted line. But what if you decide to skip the home inspection? While skipping out on the inspection may save you some money upfront, there are some very real risks associated with waiving an inspection, and it's important to understand them before making a decision. Let's take a closer look at four of the biggest risks of waiving a home inspection.
Undisclosed Damage and Problems
This is perhaps the biggest risk associated with skipping out on a home inspection. When you don't hire an inspector to do their job, you are essentially taking responsibility for any potential issues that may exist or arise in the future. This could include anything from termite damage to faulty wiring or plumbing. Without having a qualified person examine these areas, you won't know what kind of condition your new home is actually in until it's too late.
Struggle to Get Your Property Insured
Many insurance companies require that buyers obtain an official report from an inspector prior to issuing coverage for your new property. If you waive your right to an inspection, your insurance company may not be willing to insure your property until they can have someone come and inspect it themselves. This could be both time-consuming and expensive, depending on who they send out and when they choose to do so.
Struggle To Negotiate
If something does turn up during negotiations that would normally require repairs or further investigation - such as water damage or mold issues - then not having an inspection report could make it difficult for either party involved in the transaction to negotiate effectively, since there would be no proof of when or how long ago any potential problems existed or arose in the first place.
Not Able To Walk Away
Without an inspection contingency period, it might be too late for you to walk away from the property without consequences. Thankfully, opting for a home inspection prior to purchase gives buyers peace of mind and a chance to back out of the purchase if they don't feel the property meets their needs or expectations. Before making a commitment to buy real estate, consider taking advantage of an inspection contingency period — it could end up saving you significant hassle and money down the road.
Should You Waive the Inspection?
In short, while you may be able to save some money in the short term by waiving a home inspection, it's not advisable. The risks simply outweigh the benefits. From undisclosed damage and problems to not being able to insure your property, there are many potential negative outcomes of foregoing a professional home inspection. So, even if it costs you a little extra upfront, it's worth getting an expert opinion before making such a large purchase.
