Here’s the story.
In this competitive market, homebuyers are overwhelmed and exhausted by the home-buying process, even before they buy a house. Because of low inventory, sellers see multiple offers on their homes when they list them. This is good for the seller but bad for the homebuyer. There’s a trend that the inspectors at HomePro Inspections have noticed: many homebuyers, in an attempt to make their offer look as good as possible, are offering way more than the asking price and waiving any home inspection contingencies. While this strategy may sound reasonable, it can create a host of potential problems and future expenses for the homebuyer.
Your home is most likely the largest purchase you will ever make.
First-time homebuyers can sometimes be grossly unprepared for homeownership and what awaits them after buying a home. New homebuyers sometimes forget that when something breaks, there is no landlord to call; it’s not mom and dad’s house; it’s on you to fix any problems that arise.
Paying more than the asking price and waiving the home inspection can add to the financial burden and increase the risk of unexpected or latent repair costs. While a professional home inspector does not guarantee that everything will be perfect, a home inspection will greatly reduce the risk of unexpected surprises.
The risks of waiving the home inspection can be many.
An article by msn.com states that 77% of homebuyers face unexpected repair costs in their first year of ownership.
A half-hour showing or walkthrough with your dad or uncle, “who knows things about construction,” doesn’t provide you with a complete and overall objective condition of the home. I’m not knocking dads and uncles, but I have seen dads who work in the construction business point out everything that’s “not up to code.” That’s fine, but it’s irrelevant for every home except brand-new construction. Why? As construction materials and practices continue to evolve, so do the codes that pertain to them. On average, codes change about every three years. That is why perceived code compliance is not part of a home inspection.
Spending a few hundred dollars on a home inspection and a few hours with a home inspector will open your eyes to potential safety, health, and financial risks associated with purchasing a new home. Home inspectors have the knowledge and tools to provide an honest, non-biased condition of the home on inspection day.
There is another method to consider to get a seller to agree to a home inspection.
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 does not hold the seller responsible for any repairs or costs, which can help make them more receptive to 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.
There are numerous benefits to having a “Walk and Talk” consultation.
We offer a one-hour consultation called “Walk and Talk.” Your home inspector will walk through the home, looking for anything major. You bring your own camera and notepad. It’s like bringing your dad to look at the house, except it is with a home inspector. We also share advice and point out maintenance items you may want to address.
A post-sale inspection is also an option.
A post-purchase inspection is another option we see from homebuyers. After the home inspection, your home inspector will help you understand the report by explaining any noted issues or listed required repairs.
The bottom line is that spending a few hundred dollars, whether part of your contingency or not, is always a wise investment in home ownership. No one wants to buy a money pit. Even if there are no major issues, you may learn about basic home maintenance, what makes your home tick, and maybe even create a little “honey do” list.
At HomePro Inspections, our home inspectors are trained to inspect all areas of the home. Any issues found are documented in your home inspection report and recommended for resolution by yourself or a qualified professional.
Visit our website to learn more or to schedule your home inspection in the Rochester, Owatonna, and Faribault, MN areas. You can contact us today at (507) 202-8942 or by email, and you can use our convenient online “Schedule Now” feature to schedule an appointment.