Even though there are some signs the housing market is cooling, purchasing a new home remains an uphill climb for many buyers. To make yourself more competitive with sellers, you may want to make an all-cash offer. You even may be thinking about waiving the pre-closing property inspection.
You should probably think twice before foregoing an inspection, though. Indeed, unless you have extensive experience in construction, purchasing a home without going through an inspection is likely unwise.
Obtaining property insurance
If you intend to finance your new home, the mortgage company is going to require you to obtain homeowners insurance. This insurance protects the company and you in the event of a fire or another disaster. According to Bankrate, most insurance companies require a home inspection before agreeing to extend coverage to homeowners.
Planning for future renovations
Even though the house you are thinking about purchasing is good, you know it can be great. If you want to add some square footage, rework the layout or perform other renovations, a home inspector can tell you whether your plans are feasible or even possible. Moreover, your inspector also can explain which repairs you need to prioritize and which ones can wait.
Minimizing buyer’s remorse
It is perfectly normal for homebuyers to have some form of buyer’s remorse. Working with a certified home inspector can minimize your chance of developing a catastrophic case of it, though. After all, if the inspector brings up too many issues, you may be able to walk away from the deal altogether.
Ultimately, because of the many benefits of home inspections, you should resist the temptation to forego one when purchasing your first or next home.