A home inspection contingency clause is usually included in every purchase agreement, but for one reason or another, many home buyers and/or sellers choose to waive the home inspection anyway. While they think this will save them time and money, in the long run, most come to regret skipping this vital part of buying or selling a home, especially when costly repairs pop up that could have been addressed much sooner and with less hassle if a home inspection had taken place.
Below, we discuss several reasons why buyers and sellers should never forgo the home inspection.
You Should Never Judge a Home by Looks Alone
You may have found your dream home but taking the home at face value can be a costly mistake. It’s almost always impossible to tell all the details and issues of a house just by looking at it. Even the grandest of homes can have major underlying issues (think termites or mold) you won’t likely see at a quick showing. From a buyer’s standpoint, the results of the home inspection could keep you from buying a home that’s unsafe to live in and expensive to fix.
As the seller, there could be issues happening right under your nose you never even knew about. The home inspection will expose any problems with the home, giving you plenty of time to remedy the situation.
The Inspection Uncovers Safety Issues
The number one priority of any buyer or seller is safety. Certain conditions could make a home uninhabitable, and a home inspection will uncover them. From structural issues to toxic mold, forgoing the home inspection can put you and your family at risk.
You Have More Negotiating Power
The home inspection gives both the seller and the buyer more leverage when negotiating the purchase price of the home. If the inspection turns up an issue that needs repair, the buyer can put a request in the purchase agreement stating the buyer must fix it or deduct the cost of the repair from the purchase price. Alternatively, if the inspection comes back clean, the seller has more power to set a higher asking price.
An Early Home Inspection Can Expedite the Real Estate Transaction
The home inspection can put the brakes on a real estate transaction if both parties can’t agree on the repairs. That’s why it’s important to have the home inspection done as early in the process as possible to give you (the seller) time to fix anything that turns up less than acceptable. The fewer problems with a home, the faster the buying process goes as everyone will agree to move forward.
You Will Have Peace of Mind
For both the buyer and seller, a home inspection gives peace of mind. For the buyer, you get the confirmation that you’ve purchased a sound property. For the seller, you know you’ve sold a sound property and don’t have to worry about getting sued later for failure to disclose an issue.
While it’s tempting to skip the hassle and expense of a home inspection, both buyers and sellers can benefit from having one. If you’re on the fence as to whether you should go ahead with an inspection, be sure you’ve read the reasons above why it’s a must.