Should I Waive a Home Inspection?

Should I Waive a Home Inspection?

There is a lot more to buying a home than just signing some forms and picking up your new keys. One of the most important steps that buyers take is getting a home inspection to identify any potential issues with the property. While this may not be required, it is very common.  Of course, lenders will require an appraisal of the home however, that will not be as thorough as a full home inspection. So, does that mean you should waive getting an actual home inspection as a part of your home purchase?

The answer depends upon you, your market, and your home. First, if you are an expert in home construction trades, then you may not need a home inspection. You may see the condition more accurately than others.

Second, if it is a crazy market. If you have competing offers, you need to carefully consider as well. After all, could the competition be submitting an offer without a home inspection.

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Third, it also comes down to the home. If the property is 60 years old, it is bound to have far more problems than a 3-year-old home. However, even brand-new construction homes can have problems that a home inspector may discover and you may miss.

Some folks may even live in an area where home inspections are legally required. But the real question is simple.  Should you waive a home inspection? Generally, not. Waiving the option to get an inspection done before purchase could set you up for a lot of trouble (and out-of-pocket expense) down the road.

What Is a Home Inspection?

Like we covered earlier, an appraisal just examines a home to determine its value. However, a home inspection digs deeper and looks into the condition of the home and its components. Therefore, a home inspection is like a thorough doctor’s exam. Helping you spot problems not just for today, but also what may become a problem a year or two from now. And so, this will ensure that the home is livable. Additionally, it will also serve to highlight any repairs to the property that might be necessary.

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After the inspection is completed, you’ll be presented with an inspection report. Your inspection report will likely include items such as the condition of the roof, the windows, its plumbing and wiring, and other key issues with the property. This report will help you to make decisions about the house. Also, it can help you to budget in necessary repairs or upgrades.

 

Why You Need an Inspection

The biggest reason to get a home inspection is to make sure that the home is actually in the condition that you think it is before buying it. Therefore, you avoid getting into the home and then having to sink in a lot of money into unexpected repairs after the fact. The home inspection can also help you to prioritize repair and upgrade plans, highlighting the areas that you need to focus on first. A home inspection should be able to help you avoid a lot of the surprises that can sometimes come with a new home.

Related: Selling Your Las Vegas Home

Remember, it’s important to note that some sellers might push for you to waive the home inspection process or at least limit it in scope. Realize that this doesn’t necessarily mean that they have something to hide. In fact, in many cases this occurs when the seller is also looking to buy another property and is waiting on the property that they’re selling to close.

However, even though home inspections may take a little time to schedule and complete, there is much to benefit. And thus, the importance of a home inspection is great enough that you shouldn’t waive your inspection even if the seller wants you to do so.

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