Buying a home is one of the biggest purchases that a buyer will ever make. Even though this is something that people are taught throughout their entire life, there are still many that forego the inspection because they simply want to save a few hundred dollars up front. Unfortunately, there can be major repercussions when waiving an inspection, some that will end up costing 10K, 20K, even up to 100K or more.
When viewing a property, even the most experienced and skilled home inspectors are not able to tell what items are of concern just by looking with their own eyes. Without getting under a home, up on the roof, testing all the electrical circuitry, inspecting the plumbing and drainage, running the appliances and HVAC etc, there is no way to tell what the issues truly are unless a professional inspector gets his/her hands dirty and inspects everything from the ground up.
Skipping a home inspection not only poses a problem for the buyer as they won’t know what they’re going to encounter once they take over ownership, but it prevents the buyer from negotiating any repair work needed that would have been encountered during a professional home inspection. The buyer essentially loses the right to make any requests for additional repairs, credits, or reductions that aren’t agreed to at the time during their inspection contingency.
Aside from the inspection itself, inspectors can provide an in-depth analysis of the home and can give insight into what the buyer may encounter in the future with that specific property. They can also advise the buyer on certain items to help improve the life and durability of the home by recommending other repairs or improvements before they’re needed.
For example, there may be things a buyer can do to extend the life of their water heater, their HVAC, or their roof, and the inspector can help provide that invaluable information that will end up saving $1000s down the road.
To sum it up, it’s not worth the risk to waive a professional property inspection. Whether it’s $300 for a condo or $1800 for a 5-plex, it’s better to pay a little bit up front for an inspection rather than pass on it and buy something that will end up breaking the bank after. Having a professional property inspection can give you peace of mind and security when buying property so that you know exactly what you’re getting into.