Posted on: 6 October 2022
As a result of high demand and low supply in the real estate market in recent years, more and more buyers are offering to waive their right to a home inspection in the hopes that this will help improve the odds of their bid being accepted. While the desire to do whatever you can to land the home of your dreams is quite understandable, choosing to waive your right to a home inspection is never a good idea. In this article, you can learn more about the three reasons why it is so important for you to always have a home inspected before buying it.
#1: A Home Inspection Can Detect Structural Problems
The last thing you want is to discover that the home you recently purchased has serious structural damage that could impact your ability to safely live there. Unfortunately, this is precisely what could happen if you choose to waive your right to a home inspection. This is because part of what your home inspector will be looking for during this inspection is any evidence of damage to the home's foundation or structure. If evidence of structural damage is found, you can use this information to legally back out of the sale without suffering any financial loss.
#2: A Home Inspection Provides You With Negotiating Power
A home inspection not only gives you the opportunity to discover major issues that could be deal breakers, but it also exposes minor issues which can be used to help you negotiate a lower price for the home you wish to purchase. For instance, while you are unlikely to walk away from a home you want as the result of a roof that needs replacing, you can use this information to negotiate with the seller to either have them replace the roof or to take the cost of a roof replacement off the purchase price of the home. Having a home inspection report detailing any issues with the home will give you the negotiating power you need to be successful in this situation.
#3: A Home Inspection Increases Your Financing Options
Many home loan lenders will only approve a mortgage loan for properties that have undergone and passed inspection. This means that you could find it considerably more difficult to secure financing if you choose to waive your right to an inspection. Assuming you do not have enough cash on hand to pay for your home in full, this could prove to be a very serious problem. In order to ensure you have the most options possible when it comes to securing a home loan, you will always want to exercise your right to a home inspection when making an offer on a home.
For more information about home inspections, contact a local company.Share