What to Know About Waiving a Home Inspection
For most people, buying a home is the most significant investment of their lives. Not only will it cost a fortune, but they will also live in it. Therefore, their home will impact their health (both mental and physical), their everyday lives, and their relationships. So, is there any situation where waiving a home inspection before buying a home is a good idea? Well, that is what we will take a look at in this article.
Why might you want to waive a home inspection?
Not all sellers are happy to yield to a home inspection. Not only will it show all the issues that a home has, but it also slows down the selling process. This is because they have to wait for an inspector to come around and go over their home.
As a buyer, you usually want to make your offer as appealing as possible. And seeing that you will usually compete with other buyers, it is not so far-fetched to waive your home inspection. In fact, a surprising number of buyers (about 30%) choose to do it to make their offer that much more appealing. Add a considerable down payment to that, and you are practically ensuring that the home you are looking at is yours for the taking. But is not performing a home inspection worth it?
The benefits of performing a home inspection
There is a good reason why almost every real estate agent will recommend that you perform a home inspection. As you would hire a mover for your NYC relocation and choose the best for this job, you also ought to hire an inspector to ensure that the home you move into is safe and well maintained. Moving and home inspection are tasks you can do on your own. But it is much safer, easier, and stress-free if they are done by a professional.
No matter how much your home costs, you want to ensure that it is safe. Structural damages, wiring issues, plumbing problems, and more can pose a serious threat to your health and everyday life. Unfortunately, not all issues can be easily spotted while you are looking at a home. If the seller goes through the trouble of hiding them, you might not even notice them a week or two after buying the house. You can try to sue the seller. But not only is this an added cost, but it is also an uphill battle you want to avoid.
If you hire a professional to inspect the home, you can rest easy that you will have a good idea of whether your home is safe or not. Furthermore, you can rest easy that no hidden issues will pop up after your purchase. You and you alone will be responsible for the wellbeing of your home and the safety of its inhabitants.
Just because you can buy a home, it doesn't mean that you can afford it. Keep in mind that all the repairs and maintenance costs will be up to you to take care of. So, it is in your best interest to have a good idea of what you are buying. That way, you can calculate how much it will cost to repair and maintain the actual property. In certain instances, fixing the home can cost more than buying it. And you'd be surprised how crafty sellers can be in hiding home issues, especially those that are costly to repair.
Even if you believe that you "have an eye" for home issues, you really want to have someone with experience inspect your home. Their inspection will show you the problems and give you info on how much time and money it will take to repair them. By knowing this, you can better negotiate the cost of your home and ensure that you are not being sold a dump for a price of a palace.
When to consider waiving a home inspection
So, all this considered, is it ever a good idea to waive a home inspection? Well, there are certain instances where you can consider doing so. After all, you will get a considerable edge in comparison to the other buyers. But it is important to note that doing so is a risk. And that you need to do your best to lower that risk as much as possible.
Performing your own "home inspection"
Saying that you will "waive a home inspection" means that you won't hire a licensed inspector to perform one. This doesn't mean that you won't perform it or that you cannot take a knowledgeable friend with you to help you out. To make your home inspection worthwhile, you need to know what to look for.
Always inquire about structural issues and repairs. By knowing these, you can predict what you'll face in the future and what the owners will likely hide. Try to avoid looking at the superficial aspect of the home and instead look for structural integrity. If the realtor or the owner is trying to highlight a particular part of the home, keep your mind on the areas they fail to mention.
It would be best if you didn't shy away from talking with the neighbors and asking whether the owners have done any repairs that they didn't mention to you. As Capital City Movers NYC recommends, getting acquainted with the neighborhood before relocating is overall a good idea. Not only do you familiarize yourself with your future living area. But, you also have the opportunity to see whether the previous owner is honest and straightforward.
All things considered, waiving a home inspection is a risky move. While it may seem tempting to get an advantage over the other buyers, you really ought to ensure that you aren't wasting your money. If you trust the owner and feel that your insertion was good enough, you can proceed with the purchase. Otherwise, don't put yourself at needless risk and stress, no matter how good the offer looks.
David Till is an experienced real estate agent that worked within the NYC area for over 15 years. He now focuses on consulting work and writing helpful articles about relocation and real estate.