You’ve decided to buy a home. After looking at a dozen or more you’ve found the one. It looks very well cared for, everything has been updated and by the looks of it quite recently. The lawns are neatly trimmed, bushes and flowers are showpiece quality, even the sellers left you some drinks and home-made cookies to snack on with juice boxes for the kids.
The price is right, you have literally stumbled across a gem. You make an offer, negotiate a little, reach an agreement and a contract is signed, sealed and delivered. You are patting yourself on the back for finding such a wonderful home, with nothing needed to be done (you think), and although you have 5 business days to carry out your inspections you consider the a home inspection, likely costing somewhere around $300 to $500 (depends on home size), is a waste of your money so you decide not to bother.
Let’s just back track a little to the disclosures made by the seller. He is required by law to let you know of any material physical conditions or defects of his property which are latent or not readily observable. That disclosure is clean, nothing known so nothing disclosed. Just focus on the word KNOWN as we continue.
As you and I walked around the property we were considering it for you and your family to live it. I am not an inspector and while I might spot glaring problems, like 6 inches of water in the basement, or dried out drywall in the basement, I am not qualified to advise you, even on those items. Think of a bookstore. You are looking for a book to read and there are plenty of new novels all laid out with graphics and titles to lure you to choose that one. You can even read a précis on the story line. Yet it’s not until you start reading it do you fully realize it’s a great book, or at page 50 you are bored by it. It was a risk when you bought it, but it only cost you $6.99. Next time you’ll go to the library, right?
Now apply the same principal to your chosen home. On the outside everything looks peachy. Yet you just don’t know if it is, so why take the risk. $6.99 is one thing, $699,000 is an insanely different animal. A home inspection is highly recommended, I cannot really express it any stronger. Have a home inspection and find out as much about the home as you can, things that may not even be KNOWN by the seller. Health and safety issues that need to be resolved, costly repairs that have been deferred by the seller, or big ticket fixes are reasons to negotiate repairs, or if agreement cannot be reached, you can choose to have your attorney void the contract. Both you and I would prefer that than ending up with a “lemon”.
Should you decide to waive your home inspection, I’ll be asking you to sign an acknowledgement that says I highly recommended an inspection yet you chose to ignore the advice and you fully accept the risk, that’s how strongly I feel about it!