Sometimes buyers of property for sale in Nanaimo try to make their offer attractive by not doing a home inspection. Skipping a home inspection is never, ever a good idea. While a house may look alright on the surface, appearances can be deceiving
Here are the nine biggest risks of not doing a home inspection.
Risk #1: You lose a valuable “out” contingency
A contingency allows a buyer to back out of the purchase contract and have their earnest money returned. In the same way that a financing contingency lets you cancel the transaction if your loan isn’t approved, the home inspection contingency allows you to back out of the deal if there are problems with the house.
Risk #2: Safety issues may be missed
Most of us wouldn’t buy a car without taking it for a test drive and having a mechanic look at it for safety issues. Not doing a home inspection can miss important safety issues such as mold, pests, radon, and carbon monoxide.
Risk #3: Your family is put at risk
This is especially true if you’re buying a foreclosure or fixer-upper property for sale in Nanaimo. Houses like these often haven’t been occupied for a while, creating conditions that could be hazardous to your health. Sometimes people also remove copper plumbing and electrical wiring, replacing it with sub-standard materials that are costly to remedy.
Risk #4: You lose a key negotiating tool
The home inspection contingency allows you to back out of the contract. But it also gives you the opportunity to renegotiate the price or ask the seller to credit you for repairs that need to be done. You could end up leaving money on the table by not conducting a home inspection.
Risk #5: Future costs are more difficult to budget for
A home inspector can tell you the approximate age and remaining lifespan of major items like the furnace, water heater, and air conditioning system. It’s much easier to budget for future replacement and improvements when you’re armed with this knowledge.
Risk #7: May make getting a loan & insurance impossible
Lenders and home insurance companies typically require a home inspection to be done for the same reason that a buyer should. They want to make sure they’re loaning on and insuring a good property, instead of one that will end up being a money pit.
Risk #8: You don’t get the “big picture”
When you’ve finally found a home you love, it’s easy to overlook seemingly little issues that can turn your dream home into a nightmare. Doing a home inspection provides you with a complete picture of the biggest investment you may ever make.
Risk #9: You could lose your home
We all know that money doesn’t grow on trees. Once you buy a home it’s yours to keep. There’s no such thing as taking it back to the store and asking for your money back.
Sometimes buyers who skip doing a home inspection spend a tremendous amount of money fixing things that the seller should have taken care of in the first place. Then, next thing they know, there’s not enough money left over to pay the mortgage. Putting yourself in a situation where you could lose your home is a risk that’s simply not worth taking!
Why take a big risk when you don’t have to?
Smart home buyers get as much information about the house they’re buying during the inspection period.
Home inspections give you valuable information about the pros and cons of the home you’re investing in. With this information in hand, you’ll be armed with the knowledge you need to make the best deal possible when you’re buying a home in Nanaimo.