Is it smart to waive a home inspection?
Rocky Dickenson came up with a interesting blog, here it is.
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, there may be times where you offer may be beat simply because a competitive offer from someone else is waiving the inspection completely.
Related: 7 Big Mistakes Veterans Make When Buying a Home in Las Vegas
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, which just examines a home to determine its value, while 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, and will also serve to highlight any repairs to the property that might be necessary.
Related: 5 Things That Can Ruin Your Chances of Getting a Mortgage
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 and can help you to budget in necessary repairs or upgrades when finalizing the amount of your home loan as well.
Why You Need an Inspection
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