A home inspection is an up-front investment that can ultimately save you thousands of dollars by allowing you to make an informed purchasing decision.
Having a home inspection prior to purchasing a home can be one of the most important steps in the homebuying process. The inspection ultimately protects both the buyer and the seller, but it’s especially important for the buyer as it allows them to make the most informed decision possible. “The home inspection is a crucial component of the home buying process,” said Adam Long, president of HomeTeam Inspection Service. “An inspector can identify any necessary repairs, giving the buyer an opportunity to negotiate repairs or the purchase price and potentially preventing future additional costs and frustration.”
Structural and Functional Concerns Can Be Identified and Rectified Before the Purchase Is Finalized
A home inspection presents an opportunity for a qualified inspector to examine the entire home and identify any concerns that exist throughout the home, including the
foundation of the home, plumbing and electrical systems, appliances, and windows and doors.
Buying a home without an inspection may save you a few hundred dollars up front, but it will cost you in the long run and you will have uncertainty about the state of the home. “Without a home inspection, you don’t know the true condition of the home,” said Matt Cook, who manages franchise development and national partnerships at HomeTeam. “Most homes have some issues but many homes have substantial issues or safety concerns that could lead to dangerous conditions or expensive repairs. Anyone that skips the home inspection is taking a risk on the biggest purchase of their lives.”
Arguably, the most valuable outcome of a home inspection is bringing the unknown to light and defining the state of the home. Whether it’s in great shape and ready for the sale or has issues that will likely result in a revision of the purchase agreement, the buyer has a clear understanding of what kind of home they are purchasing and can adjust their agreement accordingly to avoid any undue stress.
Skipping a Home Inspection Can Impact You Outside of the Home, Too
There are guidelines in place to encourage proper processes in every real estate transaction, with or without an inspection, but these can get complicated quickly. Some sellers will easily agree to a transaction without an inspection thinking that they are getting a leg-up, but if an inspection is not done and issues arise later, legal action may be pursued, requiring more time, effort and funds from both the buyer and the seller.
“Sellers often think that not having an inspection favors them, but it actually doesn’t; it hurts everyone involved” explained Long. “Sellers are required by law to disclose any known issues with the home, but this requirement can get a bit murky if the owner is aware of a certain ‘quirk’ of a home that they don’t realize is actually an issue. This is why having professionals on site for a home inspection is so important.”
If a seller does not disclose every single concern with a home, it is possible the buyer will realize after the purchase that there are issues they can’t afford to fix, or maybe even issues that jeopardize the health and safety of themselves and their families. This situation can end in a lawsuit with the buyer suing the seller and the agents. While, on its face, this seems like a solution to the issue, it ultimately costs the buyer a lot more time, money and frustration than a home inspection.
“You don’t have to win the case to sue someone, but the seller will still have to go through the process and pay legal fees. It can be a very costly process,” explained Long.
Buying a home without an inspection means taking on a substantial amount of unnecessary risk. The hidden costs cannot be specifically defined, as every home is
different, but an opportunity to avoid costly, time-consuming and otherwise disruptive repairs is certainly worth the cost of an inspection.
