Updated: Jan 24
Should You Get a Home Inspection?
The short answer is yes, the long answer is the rest of this article. Read on to learn why you should never skip a professional home inspection when looking to buy your next, or first home.
Buying a new home is fun and exciting. Weeks, maybe months have gone by, and your dream home finally comes on the market!
“Holy crap!” - You scream out to yourself.
You immediately call your realtor and tell them you want to submit an offer right away. You're so in love with the house; in fact, you send a full price offer without thinking twice.
Your realtor starts writing up the paperwork straight away. You’re almost exploding with anticipation when your agent calls you and asks:
"Do you want me to include an inspection contingency?"
Your answer to this all-important question must be a resounding “YES!”
What is an Inspection Contingency?
An inspection contingency is very simple. It’s a box your realtor will check that states you have the right to have the property professionally inspected by a licensed inspector, and then decide based on their report how you would like to proceed.
There are a few ways you may proceed after receiving the inspection report. You can:
Move forward with the sale as-is
Negotiate the price with the seller to reflect the results of the inspection
Ask the seller to repair and replace items found by the inspector
Back out of the sale completely
What you decide to do here is entirely your call. It’s not uncommon to back out of a home sale after an inspection, in fact, according to Bankrate, between 2015 and 2016 33% of real estate contracts were terminated because of an inspection.
What exactly causes potential buyers to back out? I don't know. It could be many things from second-guessing the house and needing an excuse to back out, to just not liking the results of the inspection.
As long as you include the inspection contingency in your home offer, you will be able to walk away if your unsatisfied with the homes' condition without any penalties. I.e., losing your earnest money deposit.
The Dangers of Skipping A Home Inspection
It's 100% your call if you want to have an inspection done. Inspections can be a bit pricy, ranging from $400 - $500, and you'll have to bear the brunt of the cost as the buyer. The price is worth it though.