Depending on how the housing market is, home inspections are sometimes skipped to expedite a deal, but is this a good idea?
Skipping a home inspection might seem to be a good idea to cut down on the time the transaction will take, and ensure that the seller will give you priority in a bidding war, but here are some risks that come with it:
Crucial Issues
Before purchasing a home, a home inspection should be performed to check for any underlying problems. These can include issues with the HVAC system, foundation, plumbing, or roof. If problems are found during the inspection, you might realize that the home is going to cost you a lot of money after purchasing it.
Safety Hazards
In a home inspection, dangerous substances such as mold, carbon monoxide, and radon may be discovered. These are problems that can be dangerous to the inhabitants of the home and indicate that additional safety precautions should be taken.
Home Insurance
Some insurance companies won’t cover properties that haven’t been inspected. Insurers understand the potential financial risks involved with skipping inspections and might pass on coverage to homes with problematic histories.
Price Negotiation
Your home inspector can potentially give you the tools you need to negotiate a lower price for the home. If your inspector discovers an expensive repair, the seller might be willing to lower the asking price to cover the cost.
It’s now your choice if you’re ready to accept the risks of skipping a home inspection or choose to get one for your peace of mind.
