The housing market couldn’t be better right now. Homes are selling quickly and mortgage rates are at an all-time low. The whole real estate purchase process is changing and searching for a home has never been easier. Because of how well the market is doing many people are deciding to skip the home inspection to close quickly. Is hiring a home inspection company really necessary in this day and age?
Statistics nationwide show that roughly one in five people are deciding to skip the home inspection altogether. Waving the home inspection process can fast forward everything on the closing and potentially save homeowners $400 or more. But is this the right decision to make?
Some Things To Consider
It’s important to consider the huge cost that a home inspection investment can save you down the road. There are several reasons why a home inspection company continues to be a critical part of a real estate transaction. A home inspector is able to carefully survey parts of the home that you and your real estate agent may not notice. For example, the inspection of the crawlspace may reveal structural issues. Using drones overhead will allow you to see if the roof needs patching. Also, the vital inspection of the HVAC system is performed. Basically, these features of the home could potentially cost thousands of dollars if they need to be repaired.
Current Trends
With the advancements in online listing platforms, sellers are finding that getting their homes listed for sale is a quicker and easier process than ever. Sellers are listing the homes themselves without the help of a real estate agent. Another trend in today’s real estate market is the rise of the iBuyer option for home sellers. These types of sellers may be willing to leave in place concerns that are present in the home, hoping to sell the home without the need to repair or replace defects or maintenance issues. Having a professional home inspection done can help ensure that the house is in solid condition.
Virtual transactions and tours are also on the rise. So it’s more critical than ever for a home to be thoroughly inspected. Many professionals will use drones for high roofs and infrared cameras that can detect leaks in the subfloor of the home as well as moisture meters. They will also use radon detectors and gas sniffers. When you use a certified home Inspector they can point out things like termite damage and water drainage issues. This critical service can save you thousands of dollars in the long run.
Why You Shouldn’t Be Skipping Your Home Inspection
A detailed report after the inspection will arm you with crucial and vital information and help you decide the following:
- Are there issues that are serious enough that I should request repairs?
- Is the price of this home reasonable given the issues or are negotiations in order?
- Would my best option be to just walk away from the deal?
Getting solid information on the condition of the home is a critical part of the decision-making and due diligence process. Don’t overlook the importance of hiring an independent qualified home inspector to help you understand the condition of the home. Remember, skipping a home inspection is – A Big Mistake!
For more information about home inspections and why they are important, you can read What To Do Before Moving Into Your New Home or Why Get a Pre-Listing Home Inspection?