Most homebuyers have heard the advice, “never buy a home without an inspection.” This is sound advice for Halton homebuyers, but there are times when it does not apply. How can you determine if this is the case for your purchase? When can you buy a home and waive the home inspection? These instances are rare (it really is the best idea to have a home inspected before you buy, almost always), but they do exist. Here are some examples of when this might apply.
With the global economic meltdown still ongoing, there are a lot of great homes in foreclosure. Buying a foreclosed home is an excellent way to get a much higher value home than you would be able to afford otherwise. If the asking price of the bank is thousands of dollars less than the home’s current value (and even lower than its value in a corrected market), it can be a sound decision to buy with no home inspection.
However, it’s best to do some sort of home inspection, even if it is nothing more than working with a good realtor to help you out. Buying a home (even a foreclosed home) without a home inspection can still lead to thousands of dollars in expensive repairs and changes down the road.
When the Value Is Right and the Lender Doesn’t Require It
Often, you will find that having a home inspection is required to get a home loan. However, if you are able to purchase the home outright, or the lender does not require a home inspection, and the value of the home is right, you might omit the inspection.
Concerns and Issues
While there are a few instances where buying a house with no home inspection can be worthwhile, they are the exceptions, rather than the rule. In reality, it is always better to invest in an inspection. It can help you avoid thousands (or tens of thousands) of dollars in repairs and changes, as well as headaches.
If the price of the home is low enough that you can make any needed repairs or changes and still come out with a good deal, then you might consider it. However, it’s highly advised that you always work with a home inspector. Remember, it’s not just about roof solidity or building codes. Your safety and that of your family hinges on the quality of the home you are purchasing. A home inspector can be all that stands between you and disaster.