A home inspection is an evaluation of a property’s current condition and safety hazards. Home inspections usually examine heating and cooling systems, plumbing, electrical work, water, and safety issues. A certified home inspection will generally look at water damage, fire damage, and other damage in the home.
Regardless of the reason for wanting to waive a home inspection, it may not always be the wisest decision. Home inspections can help you avoid making a very expensive mistake or buying a house that needs major repairs. Buying a house is a major investment so therefore you must do all your research and are confident with your purchase before spending all that money. A home inspection contingency can help give you peace of mind about many things including major repairs and safety hazards on a home.
Avoid Expensive Repairs
Red flags found during a home inspection can lead to very expensive repairs. If you are nervous something may be wrong with the home you are planning on buying it is best to trust your gut and get a home inspection. Even if you think everything is fine with the house there could be a major hidden issue. A home inspection will point out the most major flaws and defects in a home. An issue with the foundation, an old roof, or even a faulty HVAC system can be extremely expensive and exhausting fixes when first moving into a new home.
If you choose to waive the contingency from your offer then you may never learn of some issues with the home until they get worse and instead become an even bigger issue. For example, if you waive the home inspection that would have shown water damage in the basement, you will most likely continue to have water in your basement. This can lead to a major issue as time goes on and it could even cause mold to begin to grow. At this point in time, you would have already purchased the home and this issue would be your headache to deal with.
Loose Negotiating Power
Another reason why you should not waive a home inspection is because a lot of the time you will lose some negotiating power. If you were to find a major issue during a home inspection you can generally renegotiate with the seller to have the problem fixed before closing, choose to walk away or discuss a solution that works for both of you. If you choose to waive a home inspection contingency in your offer you will not be able to have the inspection completed and then use the report to discuss problems about the home and re-negotiate.
Conclusion to Waive or Not to Waive a Home Inspection
If you choose to waive a home inspection contingency from your offer it is best to understand that there are risks involved. Sometimes the benefits of choosing to waive a home inspection outweigh the risks.
If you are buying a home it is important to be happy with any decision you make whether it is about if you should waive the inspection or not. Regardless of what part of the home buying process you are in, you need to make sure you are doing what is best for you. If you choose to take the risk and waive the contingency or keep the home inspection contingency as part of your offer, make sure you are confident in your decision. You need to do what you feel the most comfortable with because at the end of the day you are the one making this huge financial decision and will be the one living in the home.
Overall, choosing to waive your home inspection contingency could leave you without knowing your home is in good shape and safe. It is never a bad idea to be safe than sorry when you think about whether or not you should waive it. Ultimately though, the choice to waive is up to you and how you feel about it.
Have questions about home inspections? Give us a call at 276-566-5669. You can schedule directly online or by giving us a call. Curious about the cost of our inspections? Check out our free estimate tool on our website or by clicking here.