Real Estate
Do You Have to Get A Home Inspection When You Buy A Home?
When you buy a home the expenses seem overwhelming. You are trying to save money, but don't skip the home inspection! It is too important!
This is a question some buyers ask. They want to save a few dollars by not doing a home inspection, or they are in competition with other buyers for their dream home. Do you really want to buy a home without fully understanding the real condition of that property? This is not the time where you want to save a few bucks or give away all your protection.
The home inspection is an important step in the buying process. You aren't required by the contract to do a home inspection, but the few hundred dollars spent now may save you thousands later or protect you from a disaster. Peace of mind is well worth the cost of a home inspection.
If you are in a competitive bid situation, it is still possible to protect yourself. Ask the seller for permission to do a pre offer inspection. This can be either a full inspection or an abbreviated one which hits the highlights of the home. Is the HVAC operational? How much life is left in the roof? Does the electrical system comply with current code requirements? With this information about property condition, you can structure your offer to purchase, knowing whether the property will require significant or minimal repairs in the future.
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Another option is to make your offer to purchase subject to a general inspection which does not provide for the right to ask for repairs. After the inspection you must notify the seller whether you want to proceed with the purchase or not. You do not have to have a specific reason to terminate the contract, and your earnest money deposit is not at risk.
The inspection is a fact finding mission. It gives you information that the seller did not share or may not even know. No home is perfect. Just because the home inspection identifies issues which need to be corrected (and it will), that doesn't mean you shouldn't buy the house. You just will be in a better position to budget for future repairs or to adjust your offer to purchase. I promise that you shouldn't skip this crucial part of the home purchase process.