When an individual or a couple is buying a home, the excitement of finding a property that “speaks to” someone on the lookout for a new place to live can sometimes lead buyers to rush through the process. One step that some may consider skipping to save time or money is a home inspection. This can prove to be a “penny-wise, pound-foolish” approach.
Skipping a home inspection can pose significant risks financially. It can also result in significant safety risks. As such, it’s generally unwise to skip a home inspection before finalizing a residential real estate purchase.
Hidden issues and a risk of future costs
The most immediate risk of skipping a home inspection is the potential for hidden issues that could lead to a need for costly repairs in the future. A home may appear to be in great condition on the surface, but underlying problems such as faulty wiring, plumbing issues, structural damage and/or mold could be lurking out of sight. Without a professional inspection, these issues might not be discovered until after a homebuyer has closed on a property, leaving them responsible for expensive repairs.
Beyond financial implications, skipping a home inspection can also pose risks to the health and safety of new residents. Issues like mold, asbestos, lead paint or radon gas are not always visible but can result in serious health consequences. A qualified home inspector will check for these hazards and work to ensure that a home complies with safety standards. Discovering these issues after moving in can be dangerous and require costly remediation efforts.
Finally, skipping an inspection can result in legal and financial ramifications. If you are a new homebuyer and discover significant issues after the purchase, you may be able to sue for damages, but this can be a lengthy and uncertain process. It’s ideal to identify and address potential problems before signing a purchase contract.
