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Dec
21
These Are the Risks of Skipping Your Home Inspection

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Having a property inspected by a professional is a crucial step to the home-buying process. Sometimes, however, buyers choose to forgo a home inspection in order to save money in fees or speed up the sale. The truth is that skipping a professional home inspection is a mistake that can cost you big time in more ways than one. Here are a few of the most significant risks to consider:

It’s harder to back out of an offer.

Once you put in an official offer on a property and it’s accepted, changing your mind becomes a very expensive endeavor. Unless you have a legally sound reason for backing out, it’s likely that you’ll lost your deposit—which is usually several thousand dollars or more. Most contracts, however, have a contingency clause that allows you to change your mind and keep your deposit if a home inspection reveals previously unknown or undisclosed problems.

You could miss major safety issues.

Hidden threats can put you and your family in danger if you move into a new home unaware of their presence. Home inspectors look for these hazards, such as mold, radon, carbon monoxide, water contamination, and more. That way, you can fix them (or have the seller fix them) before you move in and ensure your family’s safety.

You’re not protected from potential repair and replacement costs.

Not knowing the true condition of the property when you close leaves you responsible for any preexisting problems that require costly repair, replacement, or reconstruction. With an inspection, you can better predict these expenses and factor them into your budget. A lot of the time, you can also use them as a negotiation tool to lower upfront costs of the sale.

Insurance companies may not cover your new home.

Many home insurance companies won’t even issue you a policy without a documented home inspection or certifications that specific issues are not present in the house you’re trying to buy. If you can’t get your home insured, your lender may not approve your mortgage and you’ll lose your financing.

If you’re looking at a property in the Colorado Springs area, Top Choice Inspectors has your residential and commercial inspection needs covered! Our experienced home inspection experts are certified, insured, and committed to delivering quick and accurate results to help you make this big decision.

Give us a call at 719-581-7080 to learn more about our home inspection packages!