If you’re looking to purchase a home, then you know how competitive the housing market can be. Prospective buyers often feel discouraged when they’re unable to finalize deals on a home before it is already sold to another hopeful homeowner.
Recently, it has become more common for buyers to rush or skip parts of the standard house buying process, such as home inspections, as a way to appear as a more attractive buyer to the seller.
At Berry Insurance, we’ve seen this practice become more common, and it makes us panic a little each time. While we will always recommend home inspections to buyers, we understand that sometimes you can feel desperate to have your offer land.
In this article we’ll cover what you should do if choosing to forgo a home inspection, and alternate ways to appear as the most desirable home buyer.
What do home inspections cover?
Before jumping into what to do if foregoing one, let's go over the important features of home inspections.
A home inspection typically will involve a professional assessing the condition of many of a home's major features which could have sustained damage or general wear and tear during the previous owner's time.
Inspections before you buy are a great way to catch any issues with the structure of the home that could change your mind about whether it is the right home for you. Some sellers may not even be aware of some of the potential problems in their own home, making professional consultations a must. Without inspections, you could end up being stuck with costly renovation projects to repair your new home.
While an inspection prior to closing on the house may not be a requirement for insurance qualification, if the carrier chooses to inspect after closing, they have the right to cancel or non-renew coverage based on what they find. Because of this, the inspection prior to closing is helpful to root out any potential issues.
What you should inspect on a new home:
If you still decide that foregoing an inspection is the best option for you, we recommend inspecting the following areas of your prospective home, and reaching out to professionals if anything appears to be faulty.
HVAC system:
There’s no telling the amount of dust, animal hair, or other debris could be left behind in old air filters when sellers leave. This can be especially important if you or your family member has allergies to either. Having your heating, cooling, and ventilation systems checked and air filters replaced is the best way to make sure your home is only circulating fresh air.
Plumbing:
The plumbing system is an important part of your home, and could cause costly insurance claims if it is not properly treated. Going through your home and inspecting every faucet, shower head, and toilet for possible leaks or improper draining, as well as your hot water heater, is a good way to make sure everything is running smoothly.
Roofing:
Your new home's roofing could have potential water damages or moss that could cause leaks or lessen the lifespan of your roof. We recommend inspecting your roof for any signs of damage or missing shingles that could cause you even more damages down the road.
How to be an attractive home buyer
While foregoing an inspection is an easy way to seem more desirable, it could just open you up to more annoyances later. Here are some other ways you can stand out to sellers.
Add a personal touch:
Write a letter in addition to your offer, explaining why you want to buy their home. This can help to be seen as a real person to the seller, and not a faceless buyer.
Track your credit score:
Planning ahead before you buy will help to shorten the window and increase your options. Handling any debt you have will help with your credit score, making it easier for you when you need banks to qualify you for a loan. It’s also best to hold off from making any other large purchases in the time leading up to closing on the house.
Be flexible with closing dates:
Let the seller know that you can be flexible with closing dates. Finding out what the seller's ideal closing date is can be good so you can see if you can match it.
Be confident in your new home purchase
Choosing to opt out of a home inspection before you buy can be a risky way to appear more desirable to your seller.
Many sellers will actually not be deterred from buyers wanting inspections, but we suggest buyers be cautious when purchasing homes from sellers eager to bypass inspection. You can never be truly sure what damages a seller's home could be hiding until it's too late, and you’re stuck with expensive repairs or insurance claims.
If you’re looking into purchasing a new home, it is important for any prospective homeowner to know how to tackle the world of home insurance. For more information on how new homeowners should approach insuring their home, check out this article: What to Expect from Home Insurance when Buying a House.
