With today’s highly competitive home purchase market, some buyers are foregoing a home inspection to make their offers stronger and increase their chances of getting an accepted offer. But is this really a good idea? Before you go with this strategy, here’s a few things to consider:
- It gives you an “out” if the property has real deficiencies that you aren’t able to rectify. A reputable home inspector can provide you with details about critical repairs so you can determine before you finalize the deal if you can afford to do them, like a faulty foundation or plumbing issues that can affect your ability to live in the home.
- You’ll know your home is safe for your family. A home inspection will uncover safety issues like radon, carbon monoxide or mold.
- Have you ever watched a home renovation show when the new owner learns the addition that they were counting on was actually unpermitted or not up to code? And that it needs to be taken down or requires significant upgrades? A home inspection will reveal this, saving you this unpleasant surprise.
- When issues are determined through an inspection, it can provide buyers with a negotiating tool to rework their purchase price. For instance, if you find you need a new roof for $20,000, you could potentially agree to reduce your purchase price for the full or partial amount of that costly repair. Your realtor will understand what repair costs can and should be negotiated to make a better deal.
- The inspector and the inspection report can serve as a great education tool for you as a new homebuyer, pointing out areas where maintenance is needed immediately, or suggestions to maintain your home in the future that can save you money in the long run.
Purchasing a home is one of the largest – if not the largest – investment you’ll make. It’s your responsibility to understand as many details as you can about the property you’re investing in, giving you the insights and knowledge up front so you can make an informed decision about your purchase.
Looking for more tips on the homebuying process? Reach out to one of Inanta’s expert loan advisors today.