The home inspection period is probably the number one buyer contingency in a real estate contract and for good reason. Purchasing a home is oftentimes the single biggest investment people will make in their lifetime, so having an inspection to find out the condition of the home they’re buying is something a majority of home buyer’s want to do. However not all buyer’s want to spend the money on a home inspection and some just don’t think it’s necessary if the home appears to be maintained and in good condition.
So does a buyer have to get a home inspection?
No, a home buyer is not required to get a home inspection, but top Realtors will always encourage buyer’s to do so regardless of the homes age or appearance for several reasons.
By having a home inspection a buyer will have a better understanding of the homes overall condition. They’ll also be able to find out what repairs or replacements need to be made and the cost associated with these items. Some home inspectors will even provide a list of items that may need to be replaced in the near future, like the roof, A/C or water heater, so the buyer can plan accordingly.
Plus, depending on the real estate contract, a buyer may have the option to cancel the contract if they no longer feel the home is the right one for them. They also may be able to renegotiate the price, receive a repair credit from the seller or have the seller make repairs at their expense.
However if an inspection is never done unforeseen items that need to be repaired or replaced will never be discovered, so the cost will ultimately fall on the buyer, which in most cases will cost more than the home inspection itself.
Final Thoughts
Yes, an inspection costs money, but so do repairs, which can add up quickly. Over the years I’ve seen buyer’s save thousands of dollars on repairs because they had an inspection, submitted the inspection report to the seller and asked the seller to make specific repairs, give them a repair credit at closing or reduce the sales price. Based on my experience a majority of seller’s are willing to work with the buyer unless the repair(s) were something the buyer knew about prior to submitting an offer.
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Additional Home Inspection Resources
- Top Reasons To Have A Home Inspection When Buying A Home by Kyle Hiscock
- Home Inspection Repair Requests a Buyer Shouldn’t Make by Bill Gassett
- Top 8 Issues Found In Home Inspections by Paul Sian
- How to Negotiate After a Home Inspection by Anita Clark
- Should I get a get home inspection before buying a home by Kevin Vitali
Do Home Buyer’s have to get a Home Inspection?
