Buying a new home is exciting, and many people are eager to get the ball rolling so they don’t lose out on their dream house. A big mistake is choosing to forego a home inspection in an attempt to speed up the closing process. Unfortunately, this can have disastrous consequences, some of which are expanded on below.
Risks of Skipping a Home Inspection
1. Home is Uninsurable
If you choose to skip the inspection, the home may be uninsurable. Since insurance is typically a requirement for most lenders, you could lose the funding for the home, as well as any earnest money you already put down.
2. Safety & Health Risks
Without a proper home inspection, you may miss red flags that signal serious safety or health risks. Your home could have old knob and tube wiring, which can be a fire hazard. Waste may be entering the house due to damaged or inappropriate vent piping. A skilled home inspector will catch these so you can make an informed decision about whether to purchase the house or not.
3. Expensive Repairs
Replacing old electrical wiring is an expensive job, as is replacing a roof or making extensive repairs to the foundation or the home’s well and septic system equipment. If you skip the home inspection, you could find yourself having to pay for these major repairs in a year or two rather than putting that responsibility on the seller.
4. Less Room for Negotiation
When small or major problems are found by a home inspector, buyers can use that as leverage to either request the seller make the repairs or to negotiate a lower purchase price. A home inspection also gives you a contingency clause that says you can legally walk away–with your earnest money–if the seller is unwilling to make repairs or negotiate.
A home inspection protects your family’s health and safety as well as your financial interests. Getting a certified home inspection is always a wise decision, but it’s important to work with an experienced provider. When you’re ready to buy a house in Texarkana, TX, or the surrounding areas, turn to Twin City Home Inspections Inc. We are licensed and insured and offer same-day reports. Visit them online to learn more or call (903) 276-9566 to request a free estimate.