We all see it – the market is still “hot”. Housing inventory is still at historic lows, and there are literally lines out the door at many open houses. The average time a house sits on the market is nowadays (sometimes hours) instead of weeks or months. All of this is great for sellers – but bad for buyers. And if you have been trying to buy a home in this market – then you likely feel the pressure.
Many people literally “just need a place to live”. They don’t have time to wait for the market to “cool down”, so desperation sets in. So, in an attempt to get an offer in and accepted, many people are waiving contingencies. The primary one that is waived is often the home inspection. But this is one of the most dangerous things you could do for your future. Why do we say that? See the points below.
You Waive Your Primary Protection
The home inspection is one of your primary protections against issues coming up later on. We may be handy or have a family member give a look over, but nothing replaces a full, thorough home inspection by a trained professional. The issues home inspectors find are usually not apparent – because we would have seen them ourselves. Many real estate professionals warn against skipping the home inspection because so many issues are being found AFTER the homebuyers move into their homes.
Buyers move into their new homes and find electrical issues, plumbing problems, structural issues, and much more. But after you have already waived the inspection, paid for the home, and moved in, what recourse do you have? It is a sad situation that a lot of families are finding themselves in.
You Will Likely Overpay – Twice
In a market like this, a lot of people are already paying more for a house than they would have in just the early parts of 2020. Houses often go on the market for a higher price, and then end up getting multiple offers well above even the high asking price. So in this case – you are technically “overpaying” already. But when you skip the home inspection, you are overpaying twice. How?
As we mentioned in the preceding paragraphs, there are likely issues that will be uncaught and then found after moving in. Say there is a $5,000 roof issue that you find. After a home inspection in a normal market, that would have been found and then negotiated with the seller. But now – you are solely responsible for it. It is like you are overpaying for a home twice, which isn’t a great spot to be in.
Conclusion
We want you to have a great home inspection – that is our job. Being aware of some of these subtleties, though, can help you get a better inspection, and help you find the right home for you and your family. Don’t get caught in a situation that will cost you money and heartache for many years to come – get a thorough and detailed home inspection.
If you are looking for some articles on Home Inspections, you might find How Many People Should Be on a Home Inspection? and Why Get a Pre-Listing Home Inspection? interesting.