Should You Pass Up an Inspection?
Get a home inspection. That really should be all this article needs to say. Get a home inspection, always. The housing market is ultra-competitive right now. People are willing to do almost anything to get their bid to the top of the pile. Forfeiting an inspection is sadly something a lot of people are willing to do to get their bid to the top. Here are a few things you should know about home inspections and why you should always get one.
What is it and what happens?
A home inspection is an examination of a house, often part of a sale contract. They’re performed by someone who has a background in home construction, giving them in-depth knowledge of building code and technique. Licensing is dependent on the state—ranging from anyone with a contractor’s license to a specific home inspector’s license.
The home inspector should visually inspect all aspects of the home from roof to foundation and everything in between. They’re looking for anything that is out of code, needs updating, or requires repair or replacement.
A well-prepared home seller should have documentation of when any major home components were replaced or worked on; roof, HVAC, hot water tank, electrical, plumbing, appliances, and any structural changes should be included. If they’re not, a competent home inspector should be able to make an educated guess as to the age of a roof or any framing. Other components often have date marks to give a ballpark range to when they were performed.
Your inspector will also look for anything done out of building code or that needs to be brought into compliance. Besides knowing when you might need to replace major things, there is a chance that an aspect of the home is unsafe or needs attention.
Why you should never pass up an inspection.
As mentioned, a home inspection should reveal any major issues that need to be addressed. Buying a new home and not knowing if the hot water tank needs to be replaced or if the roof is leaking is not financially responsible. Any part of the home that is at or near failure should be negotiated as part of the price of the home.
A furnace is going to cost $2,000 – $5,000. Paying asking price and then adding a few thousand dollars more is ridiculous. If you still plan to go through with the purchase, you have some leverage with the seller to reduce the end price or who is covering closing costs.
Do-it-yourself projects are often revealed during home inspections. A home might be unsellable if the work wasn’t done to code. Poorly done electrical work can lead to fires. Structures can collapse if they are not framed properly. Buying a home and not knowing if it is safe isn’t just a hit to your wallet, it could seriously injure or kill you.
Things like radon gas, mold, and underground storage tanks may make a house ineligible for sale. While the seller should disclose any of the above before the sale, if you pass up on your inspection, you’ll have no way of knowing. The seller might not even know if there is a problem in the house yet. Once the sale goes through, it’s your problem. Without mitigation of mold and radon, or removal of underground tanks, you might not be able to sell your property down the road without the expensive process of clearing up these issues. Issues you would have known about had you had an inspection.
The market is strange.
Home buying is strange right now. Sellers are clearly in the advantage. That doesn’t mean you have to hurt yourself to get to the top of the pile. If you don’t get a house because you wanted an inspection, that house wasn’t meant to be. Be patient and the right home for your family will come along. Good luck and enjoy learning about your home through your inspection!