There is a huge risk that comes along to buyers who fails to have the property they wish to purchase from undergoing an inspection. It is no secret that the fear of losing a home to another qualified buyer is too much anxiety to overcome. Failure to consider building or home inspection is more than just a one-way huge mistake. Keep in mind that skipping a building or home inspection is never a smart decision whether you are buying a bigger home in the market, relocating from out-of-town or wanting to downsize to minimise maintenance work because there will be too much at stake.
Moreover, only an experienced and licensed professional can provide pre purchase building inspection services. These professionals are capable of uncovering what is known to be as “material defects” that a building might have. These defects translate to the home’s components and systems like the roof, HVAC, electrical wirings, plumbing, of course, the foundation and many more. In short, an issue which negatively affects a home’s value or imposes safety and health hazards is what material defects mean.
You need a home inspection for a handful of reasons whether you are in the market to purchase a second home or for the first time or for upsizing. No doubt, you will be opening yourself up to the possibility of buying a lot of buyer’s remorse if you don’t take the process. Below, we look at the risks associated with the failure to inspect a building or house preceding the purchase.
1 – You may end up with a home that’s not insurable.
If a home does not have a documented wind mitigation inspection or four-point inspection, there is a big case scenario that an insurance company will not issue a policy. Bear in mind that insurance policy is of great importance. Undoubtedly, your lender won’t give you final approval for your mortgage if you don’t have an insurance policy that significantly covers the home.
2 – You won’t realise that there is unpermitted work.
Unpermitted work can present sizable issues even though it is not one of the things that homebuyers are generally concerned about the entire purchase. It is essential that every home addition legally conforms to local building codes. Fortunately, an experienced home inspector can efficiently detect tell-tale signs of DIY work that is illegally done.
3 – You do not get the protection against expensive repairs and replacements.
Pre purchase building inspection services are undeniably crucial whether you are buying a newly built property, a short sale, foreclosure, or even if the home is in an “as-is” condition. It is simply because it is the most effective way to determine the exact and current status of the property. In fact, an inspector can alert you if there is any probable future repair or replacement scenarios, even if the inspection report is positive.