The ultra-competitive housing market of the past two years has forced many home buyers to consider strategies to help make their offers stand apart from the rest. One such strategy that has gained some popularity is to waive a home inspection. In doing this, the seller will see the offer as more attractive since it removes a potential obstacle in the negotiation process. Of course, skipping the home inspection is not advisable and can have some catastrophic results. We discuss a few reasons why a home inspection should not be skipped below.
Reasons to not skip a home inspection
- Diminished negotiating power: The inspection period is considered the final period of time that a buyer has to fully evaluate their decision of whether or not to move forward with the purchase. At the conclusion of the home inspection, the buyer will have a chance to review the report and ultimately decide whether or not to move forward. In the event that a home inspection is skipped, the buyer is losing all control and leverage in the negotiation process.
- Potential for significant hidden costs: Since the home inspection provides an overview of the condition of the home, skipping this important step significantly increases your chances for encountering costly repairs once you take ownership of the home.
- Lack of insurance coverage: Without an inspection report, it is quite likely that your insurance company will not cover pre-existing issues discovered after the home purchase. Needless to say, this may result in considerable expenses as a new homeowner.
- Increased chances of safety hazards: Home inspectors often find items that may be safety hazards. For example, outdated electrical panels and faulty wiring that could result in an increased fire risk are commonly uncovered during the home inspection process. Foregoing a home inspection could likely put you and your family at risk in your new home.
In addition to aiding in the negotiation process, a home inspection may also provide you with peace of mind. Most importantly, uncovering critical safety issues in the home is worth the price of a home inspection alone. Although it is an incredibly competitive home buying market, it is never advisable to skip the home inspection. An exception to this would be in the event that you are purchasing a home with plans to simply tear it down to rebuild. As always, your real estate agent will be your best source for a reputable home inspector referral.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!