Should I waive my home inspection since I’m buying the home as is?
Realtors and home inspectors get this question more and more these days due to the aggressive contracts that must be written to have a go at the fewer number of listings that become available. Unfortunately, inspection findings may not have the negotiation power that they had even a few years ago, but still are a very important part of a home purchase.
In short the answer is NO!
Here are a few reasons why you as a buyer should still get a home inspection.
- A home inspection may find large expensive items that need imminent repair or updating. These items may or may not sway your purchase decision but knowing up front will allow proper budgeting in the future. You will need to weigh these as part of true cost of the home and may cause you to back out of contract before deadlines. A few examples of this may be: sewer line repairs, old or at capacity electric panels, and structural / roof concerns. . All of these may lead to tens of thousands of dollars’ worth of repairs that may come sooner than later.
- Condition and location of fixtures, appliances, major systems and how they function. The time spent with the inspector and published report will give you much needed information on your new home.
- A home inspection may also include a list of maintenance reminders for proper upkeep of the systems that keep your home running efficiently. These are all good FYI’s for future remodeling of home.
- Purchase contracts may have a health and safety clause; meaning that health and safety items that come up during inspection may be negotiated to be fixed or credit given. Great examples of this may be high Radon levels, missing smoke and Carbon Monoxide alarms, or sewer issues.
How about waiving inspections of Condo’s (Townhomes ) OR new builds?
Again, the answer is NO! Condo inspections typically consist of just the interior of the space (keeping inspection costs lower than homes) as most of exterior may be covered by an HOA. The fine print is that most HOA’s can and will tack on assessments to homeowner to cover large ticket items on exteriors like roofs, painting, paving, etc. This may as a surprise to many buyers and should be part of the conversation about the monthly budget of purchase.
Inspections on new construction is just as important as older homes. Many new home inspections have uncovered problems with settling, roofing, electrical, sewer lines and over all poor construction practices.
These are just a few reminders of how a thorough home inspection will add value to your home purchase decision and how it is an important part of the education process of your new home.
Reach out to Stephen@ 303.532.7272 or firstname.lastname@example.org to continue this conversation!
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