This past year has been a cah-razy time in the real estate field. So many buyers, so few houses, and people are submitting insane offers in order to get a home. Recently, some of these offers even forego the home inspection to make the offer more appealing to sellers. But, should you waive that very important part of the home buying process?
The short answer is no. There are so many things the home inspector will test for and find that a buyer may not know to look for or understand. The risks of waiving a home inspection can be sizable in both time and money.
If you think of it in dollars and cents, a home inspection is less than one percent of the cost of the home. Let's put that into perspective. Say you are wanting to purchase a $300,000 home. The average cost of an inspection is $400. That's .0013% of the home. Now, you waive that .0013% home inspection and you find out you have a $25,000 foundation issue and because you waived the inspection, you have to pay for it yourself. That's .083% of the price of the home you purchased.
Many new-build home buyers are under the impression that a new build doesn't need an independent home inspector to inspect the home. What could be wrong with a new build, right? A home inspection on a new build can uncover something as simple as a stove being wired to a ground-fault circuit. Every time the stove reaches a certain temperature, it causes the circuit breaker to flip. Not something you want to worry about when cooking Thanksgiving dinner for the entire family that first year in your new home. An easy fix for the builder, but it would not have been found if a home inspection was not performed.
We can't say it enough. Purchasing a home is likely one of the biggest, most expensive events in a person's life. A home inspection ensures that what you are paying for the home is worth it. If the home inspection is waived, a purchaser will miss the opportunity to have any major issues addressed by the seller.
Home inspections are not a required part of the home purchasing process. That being said, what risks are you comfortable taking in buying a home? If a home inspection uncovers no colossal issues in the home, you have at the very least a mini-maintenance guide for your home. Or, that ever present honey-do list for the weekends.