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Must-Know Risks When Skipping the Home Inspection

View of Wilmington North Carolina from across the river

Whether you’re in the market to buy a second home or buying for the first time, you should get a home inspection done. Skipping the inspection opens up the very real possibility of purchasing a lot of buyer’s remorse. Here are some of the biggest risks of not getting a home inspection that you need to know!

Safety Issues

There are plenty of safety issues you might not discover without a home inspection. Mold, radon, and carbon monoxide are just a few of many safety issues you need to know about before you proceed with the purchase and take possession of a property.

Negotiation Tool

If material defects or small problems are found during a home inspection, a buyer can use these to his or her advantage by negotiating the selling price, repair costs, and/or share of closing costs. Without knowing, it will be the buyer in most cases, who will have to deal with any problems well after the seller is out of the picture.

Future Repairs or Replacements

Even if you’re buying a home in “as-is” condition, whether it’s a newly built property, a short sale, or a foreclosure, a home inspection is crucial to put you in-the-know about the house’s true condition. At the very least, even if the inspection report is positive, an inspector can alert you to probable future repair or replacement scenarios.

Up to Code Standards

While it’s not something home buyers are generally concerned about, unpermitted work can present sizable problems. Experienced home inspectors often detect telltale signs of DIY work and it can be further investigated to check if it’s legal and meets local building code standards.

Legal Contractual Issues

One of the biggest benefits of a home inspection is it gives the buyer a legal contractual out through a contingency clause. However, if you forgo a home inspection, you’ll have fewer options to legally walk away with your earnest money deposit.

6 Strategies to Get a Better Interest Rate

While market conditions obviously play a major role, there are some qualifying factors within the buyer’s control that can help secure a lower interest rate. Here are six smart strategies to consider!

5 Tips for Choosing A Reliable Home Inspector

Doing a quick search for home inspectors in your area will come up with numerous options, but as with so many professions, some inspectors are better than others. Here are some handy tips that can assist you in your search for a reliable home inspector!

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011

 

 

 

 

 

 

 

 

 

 

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011