Don’t Forgo an Inspection Even if Homes Are Selling Fast!
Let’s face it, buying a home can be a daunting process, especially when the market is hot. When homes sell so quickly that you don’t even get a chance to put in an offer, it can be tempting to skip a few steps to ensure a great piece of property doesn’t get away. But that may lead to unforeseen problems after the sale.
Restoration RX provides licensed home inspections in Sioux Falls, SD and the surrounding area, and today we’ll provide 5 reasons not to skip a home inspection when buying a house.
What Are the Risks of Skipping a Home Inspection When Buying?
The real estate market is roaring across the United States, including in Southeast South Dakota, Northeast Nebraska, Northwest Iowa and Southwest Minnesota. These days, it’s not uncommon for property to sell before it’s even officially advertised. You may feel pressured to put in an offer before you’re certain a home is right for you and your family. Declining a home inspection might seem like a good way to increase your chances of getting the home you’re really interested in, but is it a good idea?
In short, no. In our opinion, it’s never worth the risk, and here is why:
- Health: A thorough home inspection can reveal issues such as mold, radon and carbon monoxide leaks, which can cause major health problems if not remedied. Before you sign a contract, insist that it allows you to back out should any of these contaminants be detected within the first year.
- Hidden Money Pits: No, we’re not talking about piles of money just waiting to be found, we’re talking about ongoing issues that could cost you thousands and thousands of dollars to repair or replace. These include things like a basement that takes on water, leaky pipes, cracked sewer lines, faulty wiring and more.
Unless you know what to look for, these issues can be easily overlooked. If these problems are caught before the sale, the seller may be willing to make the necessary repairs or deduct the cost of them from their asking price.
- Budgeting: A home inspection will help you determine what you can expect to repair or replace now, next year, or years down the road, so you can budget accordingly. Knowing that a home’s roof will have to be replaced soon may put the property out of your price range.
It’s also good to know the age and condition of items like siding, windows, the HVAC system, wiring, plumbing, appliances and more. In addition to long range planning, the condition of these items may increase your bargaining power.
- Unpermitted or Uninspected Upgrades/Additions: That finished basement, complete with a home theater, workout room and office might be the cat’s meow, but is it legal? Having property inspected before you buy ensures that any additions or remodels were completed under the correct permit and are up to code.
If these changes were made illegally, they may not exist on the property taxes. Once reported, the home owner may be fined, forced to pay taxes, and the work may even need to be removed!
A pre-purchase home inspection may force the seller to address the code violations and correct them so you aren’t stuck making things right.
- Financing and Insurance: Many insurance companies require buyers to have a home inspection done before a home deal goes through. The practice is also gaining favor with finance companies. Both need to protect their bottom lines, and gambling on a major purchase does not allow them to do that.
Home Inspector in the Sioux Falls, SD Area
We’ve touched on a few reasons why you should never skip a home inspection when buying a new home. Of course, there are many other benefits to hiring a certified home inspector to provide you with a detailed report on the condition of property before you finalize a purchase. Restoration RX invites you to contact us to learn more about our home inspection process and to receive a free quote on our services.