Why Waiving a Home Inspection Isn’t a Great Idea
In a hot market, it can be tempting to try to sweeten an offer by removing the inspection contingency. But is it really in a home buyer’s best interests?
When real estate stakes are high, often buyers just want their offers accepted — and are tempted to go “no inspection” to sweeten the deal for the seller. Though removing the inspection contingency, also known as a due diligence contingency, may make a short-term impact, it leaves the buyers open to a lot of unknowns.
Don’t Leave These to Chance by Waiving a Home Inspection
By waiving a home inspection when submitting a purchase offer, a lot is left on the table. Not only does this steal away any negotiating power with the seller, it also leaves potentially big-ticket repairs out of the equation altogether.
Instead of opening up the purchase — and subsequent to dos — to a host of unknowns, take a little extra time to secure the following:
- A Sound Investment. Choosing to include a home inspection contingency gives expert insight into one of life’s biggest purchasing decisions – helping uncover potential repairs that could be thousands of dollars to fix. Plus, it provides leverage to address and negotiate any repairs or safety concerns before moving in (or at the very least know what has the potential to cause problems down the road).
- Peace of Mind. Simply knowing the ins and outs of a home and its components can bring a lot of comfort to buyers – especially in understanding health and safety hazards. By choosing AmeriSpec to inspect a potential new home, you can gain expert insight to learn about the property, potential risks and ask specific questions. Plus, the detailed AmeriSpec Report offers evaluation of more than 400 different points.
Potentially Costly Repairs You May Miss Without a Pre-Purchase Home Inspection
Choosing to forgo a home inspection leaves financial well-being, and even safety, at risk. A certified home inspection can uncover issues a normal person might not even notice. Realizing there’s a $20,000 repair needed before purchasing a home is a lot different that discovering it a few months after closing.
Foundation & Basement Faults
Unfortunately, ignoring foundation issues doesn’t make them go away. In fact, foundation problems only get worse with time. According to Home Advisor, homeowners pay around $5,000 on average for foundation repairs, with major repairs costing upwards of $10,000. Identifying problems earlier on often makes repairs more manageable and may even stop other issues from occurring.
With insights and evaluation from a comprehensive home inspection, your clients will be able to understand if bowing walls, foundation cracks, sloping flooring, dampness and more are indicators of larger issues with the home. And they can adjust their offer price, or other contingencies, based on this information.
From leaky spots around roof flashing to deeper structural damage to improper drainage, a home’s roof can lead to expensive repairs — both interior and exterior — if not properly evaluated. A trained inspector will know where to look and what to consider when determining the status of a roof. For smaller roof repairs, Home Advisor notes homeowners spend an average of $933. For a total roof replacement, that increases more than eight times, to an average of $8,083.
Exterior Grading Issues
How the ground slopes around the home indicates its susceptibility to taking in water. Ideally, the ground slopes away from a home and carries water with it. Unfortunately, this isn’t always the case. A trained professional inspector will be able to determine the grading of the property and recommend solutions — which can include regrading the land ($1,964 on average) or installing a drainage system ($3,746 on average).
Electrical, Plumbing and HVAC Headaches
Main functions of the home — like electrical, plumbing and HVAC — can hide a host of problems from potential buyers. During a home inspection, items including water pressure, faucet leaks and equipment like a furnace, water heater and air conditioning unit are all evaluated. A home’s electrical wiring type is determined, all outlets tested and functional ground fault circuit interrupters identified, along with evaluation of the electrical panel. Without an inspection, your clients are susceptible to unknown repairs and replacements costing anywhere between $210 for replacing an outlet and $4,478 to install a new furnace according to Home Advisor.
Find a Certified Inspector Near You
With more than 300 locations throughout the country, you can find a certified AmeriSpec inspector near you and schedule a home inspection today.
The AmeriSpec real estate inspection services may not be available everywhere. Please contact your local AmeriSpec office for more details. AmeriSpec services are provided by independently owned and operated franchises. Availability of services may vary depending on location.