When you’re buying a home, it’s important to have a clear understanding of what you’re getting yourself into. After all, a home is likely the most expensive purchase you’ll ever make. Consequently, it pays to be as informed as possible before signing on the dotted line. That’s where home inspections come in.
A home inspection is an objective evaluation of a home’s condition. An inspector will take a close look at the property, inside and out, and identify any issues that may need to be addressed. Home inspections are typically conducted prior to closing on a property, and they give buyers peace of mind by helping them understand the true condition of the home they’re about to purchase.
Why You Should Never Waive an Inspection
Despite the many benefits of having a home inspection, some buyers choose to waive this step in the interests of saving time and money. However, experts say that this is always a mistake. Here’s why:
1. You could be overlooking serious problems. Just because you can’t see any obvious problems with a property doesn’t mean that there aren’t any lurking beneath the surface. A trained inspector will know how to spot potential issues that might not be immediately apparent to the untrained eye. By waiving an inspection, you could be setting yourself up for costly repairs down the road.
2. Your lender may require one anyway. If you’re taking out a mortgage to finance your purchase, your lender will almost certainly require an inspection before approving your loan. So, even if you’re tempted to skip this step, it’s unlikely that you’ll be able to do so.
3. Inspections don’t have to be expensive or time-consuming. While home inspections do cost money (typically around $300), they pale in comparison to the cost of making major repairs later on down the road. And as far as time goes, most inspectors can complete their evaluation within a few hours.
Don’t let yourself be tempted to waive a home inspection just because it’s an extra step in the home-buying process. The peace of mind that comes from knowing the true condition of your prospective new home is more than worth the cost and effort involved in having an inspection conducted.