Homebuyers are becoming overwhelmed and exhausted by the homebuying process in this competitive market, and that’s even before they buy a home! Because of low inventory, sellers are receiving multiple offers on their homes when they list them. Good for the seller, but bad for the homebuyer. One of the tactics being used, in addition to making an offer way over asking price, is to waive any home inspection contingencies.
This is most likely the largest purchase you will ever make
First-time homebuyers can sometimes be grossly unprepared for homeownership and what’s awaiting them after they buy a home. New homebuyers sometimes forget that when something breaks, they’re on their own. There’s no landlord to call, and it’s not mom and dad’s house.
Paying over the asking price and waiving the home inspection can add substantial financial burdens from future unexpected or latent repair costs. Having a home inspection performed by a professional home inspector, while not a guarantee that everything will be perfect, can greatly reduce the risks of unexpected repairs and costly surprises for new homebuyers in Rochester, MN, Owatonna, MN, and Faribault, MN.
The risks of waiving the home inspection
A recent article published by msn.com states that 77% of homebuyers face unexpected repair costs in the first year of ownership. This startling revelation helps to underscore the importance of enlisting the professional services offered by a trained and impartial home inspector.
Spending half an hour during a showing or walkthrough with your dad or uncle “who knows things about construction” isn’t going to provide you with complete and objective insight into the condition of the home. By no means am I knocking dads and uncles, but I’ve seen a few that work in the construction business make an effort to point out everything that’s “not up to code.” While on the surface that may seem fine, in reality, it’s irrelevant for every home except brand new construction. Truth be told, codes change about every three years. A quick review of a home and the observance of some perceived code issues should never substitute for a thorough, professional home inspection.
Utilizing a qualified home inspector to conduct a comprehensive home inspection will open your eyes to potential safety, health, and financial risks associated with the purchase of a new home. Home Inspectors have the required knowledge and tools to provide an honest, non-biased assessment of the condition of the home on the day of the inspection.
Get a home inspection anyway
There are ways around waiving a home inspection contingency without losing an offer. One option is to present your offer to include a home inspection “for informational purposes only.” This doesn’t hold the seller responsible for any repairs or costs and can make sellers more likely to accept your offer. If there are any major issues pointed out by your home inspector, you can still back out if your realtor has worded your contract appropriately.
Another option that we are seeing from homebuyers is a post-purchase inspection. By having a home inspection conducted after the fact, your home inspector will help you understand any issues or repairs that are needed.
Home Inspections
The bottom line? When it comes to a home inspection, you’re not simply spending a few hundred dollars; you’re making a prudent decision to protect your home and future financial security. Whether a home inspection is part of your contingency or not, it’s always a wise investment when it comes to homeownership. No one wants to buy a money pit. Even if there are no major issues, you may learn some basic home maintenance, what makes your home tick, and maybe even create a future ‘honey-do’ list.
Visit our website to learn more or to schedule your home inspection. You can contact us today at (507)202-8942 or utilize our online “Schedule Now” feature to set up an appointment.