Why You Shouldn't Waive Your Home Inspection
California is home to millions of gorgeous homes, as well as one of the most competitive real estate markets in the country. This can lead buyers to feel like they have to make concessions, like waiving an inspection or settling for a poor location, just to get housing that meets their needs. However, is that really a good idea? Here are some of the reasons why you shouldn’t waive your home inspection from an experienced home inspector.
Home Inspection 101
Home inspections are typically part of buying and selling real estate transactions, and it’s very common for buyers to submit offers that are contingent on the results of it. In California and throughout the country, inspections are not mandatory or required by lenders. Because the real estate market is so fast-paced, many homebuyers feel pressured to make rash decisions. However, there’s a reason why real estate agents never make this recommendation.
Avoid Expensive Surprises
Most homebuyers are able to spot obvious issues with a home, like water staining on the ceiling, but numerous things can slip by unnoticed and mean expensive and extensive repairs before you can safely occupy the home. A home inspector knows how to spot current and potential problems with major systems like electrical and plumbing, as well as appliances and the structure of the home. Going in fully educated about the repairs you will need to make is a smart move.
You Don’t Have to Buy the Home
When you make an offer that is contingent on a home inspection, it gives you the freedom to walk away from the deal if you think that the repairs are too extensive or you are concerned about the safety of the house. If you waive your right to have a home inspector walk through the property, you could move in and discover serious problems that require thousands of dollars to repair and not have any way out.
Budgeting For Future Repairs
While your home inspection report will include information on repairs that need to be made immediately, it will also include things that can be done in the future. This allows you to properly budget for future repairs and pace yourself as you improve the property. When you receive your report, keep in mind that the long list of problems will include both big issues and minor defects, like a ripped window screen.
Save Money on the Home
In a competitive market where homes are selling for over the asking price, it is not always easy to negotiate with sellers. When you have a home inspection that turns up serious problems, you can gain leverage with the seller and potentially lower your expenses or have them agree to make a repair before you purchase it. This will not work in every situation, but the inspection will grant you the possibility of it, and skipping your inspection will ensure you pay full price.
See Below the Surface
Some home sellers know that there are problems with their homes and invest a small amount to make things look good on a superficial level. For example, a fresh coat of paint could be covering up mold growth or water staining on a wall. New windows might be installed poorly or painted over and sealed shut. A home inspector looks for things below the surface that might look perfect but are actually dangerous for you and your family.
You Can Still Make a Strong Offer
The primary reason why many California buyers choose to waive their home inspection is concerns that they won’t be able to make a competitive offer. However, you can make a compelling offer without needing to put yourself at risk. Some of the best ways to present a strong offer include:
Obtaining pre-approval for your mortgage from a lender
Making a larger down payment on a house (10% compared to a lower amount like 3-5%)
Adding an escalation clause that eliminates some of the negotiations that buyers need to do
Asking for an informational inspection that lets you know about any issues instead of requesting an inspection contingency
Because of the many things that can go wrong when you skip your inspection, it’s best to work with a seasoned California home inspector. Give us a call to get you scheduled!