Home Inspections
Home inspections should be a cornerstone of your mortgage and purchase process. Waiving inspections likely requires deep pockets. After all, what could go wrong? Why Hire a Home Inspector?
The link provides an in-depth look as to what a home inspection can provide. But a home inspection can only do so much. A number of specific items may go beyond inspector expertise or require additional work. Homes located in certain areas may require hiring additional expertise.
An inspector tests and reviews major parts of a home. Plumbing, electrical, structural, roof, and other elements make up basic areas of review. An inspector cannot test or inspect hidden items. Hidden items might include things inside walls or inaccessible to the home inspector. In examining a home, things may break. A water shut-off valve buried in the yard for the last 20 years provides a prime example. In testing a water shut-off valve, a handle can break from built up rust.
In addition, cosmetic items don’t factor in to the inspection. Does the home needing painting? Mis-matched hardware or poor appearances from repairs? What about stained carpeting? None of these need to be reported in an inspection. These items fall to the buyer to determine in buying the home.
Specific expertise might include radon tests in Florida. Mold tests if mold is suspected but not visible also requires special expertise. Foundation issues or termites might or might not be apparent and may need other experts. The inspector also will not provide estimates to fix problems found.
Don’t Waive Home Inspections
Buy and read Winning Mortgage, Winning Home for more information and recommendations. In a hot market, there may be pressure to waive home inspections or waive appraisal contingencies. Buyers waive these thinking that they have sufficient money to handle any surprises. If a buyer pays more than ask price, the amount over ask price typically will come out of the buyer’s pocket since the appraisal won’t validate that price. But if a buyer waives inspections, mold, foundation problems, electrical issues, plumbing issues which can cause the need for a major renovation become major unnecessary risks.