In a market that is this competitive, there have been many homes purchased without any contingencies. One of the most important contingencies, the home inspection contingency, is quick to be waived. However, this is not the smart thing to do, especially as a first-time homebuyer. In fact, in Kentucky, the inspection clause in real estate is one of the last lines of defense to void a contract. If you were to waive your inspection contingency, you may be stuck with any plumbing, structural, and mechanical repairs. These defective items would have been uncovered in the inspection process, negotiated, and potentially repaired on the seller’s dime. Here is what you should know about home inspections and why they matter.
Why Home Inspections Matter
In today’s seller’s market, we are seeing many buyers make drastic decisions in order to land their home. However, this is often times detrimental in the long run. A home inspection runs anywhere from $300 to $1000 depending on the home. This small amount of money, in comparison to the price of the home itself, can save you thousands in hidden damages. In fact, a faulty HVAC system could easily be called out during a home inspection and save you thousands of dollars in the long run.
According to some information from the National Association of Realtors (NAR), close to 20% of buyers are waiving their right to a home inspection. Even on new construction homes, there can be problems that could be found. It is always important to know what you are buying, and a home inspection opens the door into a more in-depth view of your home. Sure, everyone likes freshly painted walls, luxury vinyl hardwood floors, new windows, and appliances.
However, just because the fit and finish work is clean does not mean that internals and mechanicals are done. Honestly, we have seen a lot of house flipping in this market, and more times than not there are major problems. However, the buyers often overlook these problems for a few reasons. The main reason that buyers overlook the major problems is because they do not know what to look for. That is why you should hire a professional home inspector because, after all, they are professionals.
What Inspectors Look For
There are a few things that every inspector should be looking for. The things that inspectors look for are not the same things that your realtor will try to focus you on. One of the best parts about the home inspection process is having a non-bias third-party look over the home thoroughly. The inspector has no financial interest in the home, as a realtor might because of real estate commissions.
Professional home inspectors look for quite a few things when they are performing the home inspection. Some key aspects of the home that they look at are; plumbing and electrical, roof condition, HVAC and heating, structural concerns, and exterior issues. Some of the issues they find are minimal and not of concern, however, some can cost thousands of dollars. So, for the buyers who are looking for a way to win a home over their competition, think again about waiving the inspection. A few hundred dollars now can save you thousands of dollars in headaches later.