The housing market is booming all across the country. At this point, we are in what is considered a seller’s market. This means that inventory is low and the demand is high. This, combined with record-low interest rates, has the prices of houses skyrocketing. If you have been looking to purchase a house recently or are considering it shortly, know that the competition is going to be fierce.
To beat out the competition, buyers have been doing anything they can to make their offers more appealing to sellers. One way this has been done is by waiving inspection.
What is a Home Inspection?
Most offers to buy a home include a contingency of inspection. This contingency usually allows the buyers a certain amount of days to bring an inspector to the home to be sure it is in good shape and doesn’t have any underlying issues or damage.
If major issues are found in an inspection buyers have the option to back out of the sale, request for repairs to be made, or lower their offer according to what has been found.
For this reason, waiving an inspection is a way buyers have tried to appeal to sellers to accept their offer.
As a home restoration company, we want to caution buyers when considering waiving the home inspection. As professionals who have seen countless cases of hidden water damage, mold growth, or even fire damage that hasn’t been properly repaired, we want to encourage home buyers to insist on completing an inspection before signing on the dotted line.
When Is It Okay to Waive a Home Inspection?
Generally, it is never advised to waive a home inspection. Even newly built homes can have hidden concerns. If you are a trained real estate professional, contractor, or investor with experience seeking out problems within a home, maybe you would feel comfortable skipping an inspection, otherwise, you should always include one in your offer.
Why do we say this? Well let’s look at some of the most common concerns found in a home inspection, that would otherwise be missed.
Most home inspectors will agree that water damage can be one of the most problematic issues found in an inspection. Water damage repair in Springfield, Ohio can be pricey based on the amount of damage done and how long it has been neglected. This should be reflected in the purchase price of the home.
To spot water damage in a home tour, look for stains on the ceiling, warped floors, mold growth, mildew smell, or damage to window sills.
Poor Drainage or Grade Sloping
This is an issue that often goes hand and hand with water damage. A home inspector is going to look at the exterior drainage and slope of the lot. If water is pooling around the house or the grade of the lot slopes towards the house it is likely you could have water damage and drainage issues down the road if they haven’t already occurred.
Checking the gutters is a great place to start to look for water damage, as well. Most of the time a damaged gutter is an easy fix. If this has been neglected for years, it can cause greater damage to the home. If a gutter is broken or clogged it can cause pooling which oftentimes leads to roof damage and leaks. If gutters are not long enough, it could cause pooling around the foundation, as well.
Roof issues are almost impossible to spot with the naked eye. This is where a professional inspector will come in handy. Roof issues commonly found during the inspection include
- Worn roofs
- Brittle or curled shingles
- Broken or missing flashings
- Improper installation
- Aged surfaces
Flaws in the foundation can present themselves in multiple ways throughout a home. An inspector will look for sloping floors, doors, and windows that stick, or even doors that swing in one direction when left ajar. Repairing the foundation of a home is a significant expense and, depending on the causes of the foundation flaws, the underlying issues may create new foundational problems over time.
To check the plumbing of a home, an inspector will look at the mechanicals as well as turn on every faucet and even appliances such as washers and dishwashers. They will also look for any signs of leaking or water damage related to the plumbing of the home.
Moving Forward After Inspection
Including an inspection in your offer to buy a home will help you get ahead of any issues you may have to address should your offer be accepted. Many times, an inspection doesn’t find anything significant enough to stop the sale of the home.
As a new homeowner, however, you now know what you need to address right away to keep the home safe, and functional for years to come.