All over the country real estate agents are seeing where the inventory of homes is depleted. Due to such amazing interest rates, people are purchasing homes more than ever before and this is leaving a large lack of homes available in the United States. In heavily populated areas like California, Oregon and Utah, prospective buyers are finding they have to go the extra mile to get a seller interested in their offer. And one of the ways buyers have been doing this is by foregoing home inspections and waiving and any conditions of the property.
If you’re an interested buyer, should you purchase without a proper home inspection? Here’s a few things you should know.
A Home Inspection Saves You Money Down the Road
A home inspection can help uncover potential issues that might not be affecting the home now, but will very soon. According to Double Diamond Home Inspectors, an inspection service in Utah, a proper inspection covers all areas of the property on the inside and out. Without performing a thorough inspection, there could be foundational issues that exist that will cause major problems down the road.
A Home Inspection Covers More Than You Think
In addition to reviewing everything on the inside and outside of the property, a home inspector will also look at roofing, plumbing and electrical work. Unless you work in any of these professions, it’s difficult for the average home buyer to be aware of apparent issues. For instance, your home inspector will inform you if the plumbing or electrical is old and won’t pass, or if the roof is in bad shape. Without this information coming from a trained and certified home inspector, how would you ever know?
Is the Seller Hiding Something?
Another thing to consider is if the seller is hiding something. By law, the seller is required to disclose any issues with a property. However, they could miss key details or intentionally not explain an issue with the house. This is where a proper home inspection comes into play and will identify if something is indeed wrong with the property.
Are You a First Time Home Buyer?
According to this article, foregoing a home inspection is one of the worst things you can do as a first time homebuyer. It’s important to be well-informed of all characteristics of the property. As a first-time homebuyer, you need to be sure this type of investment is right for you and your family. Without an inspection, you may be buying into something you’re not prepared for.
How Else Can You Work with the Seller?
If a seller is stuck on no appraisal and no home inspection, there is one other way to really get their attention – a higher offer. By offering more money down and over the asking price of the property, a seller will be much more willing to go under contract for the property.
In any case, due to the current housing situation and lack of homes for sale, you’ll need to get creative if you plan to buy in the next year.