This month we had a client who purchased a home who didn’t want to put an inspection condition on her offer. This is one thing that I get all of the time, “do I really need a home inspection?” Buying a home is expensive, I understand that. You’ve got land transfer taxes, lawyer fees, moving costs and you’re trying to cut corners wherever you can.
The home inspection is the most important aspect of buying a home. It’s only $400-$500, which is still a lot of money, but in the grand scheme of things with how much you’re already spending when it comes to purchasing the home, it’s a drop in the bucket. You would never buy a car without taking it for a test drive so you should definitely never buy a home sight unseen. Always get an inspection. There are ways around it to make sure you’re still competitive in a multiple offer situation.
The client ended up doing the inspection and everything was clear. She said, “there goes $400.” It’s $400 that is peace of mind to understand that you’re buying something that doesn’t have any defects and it’s not going to be a money pit for you down the road.
At the end of the day you might get excited about the real estate search and you don’t want to lose out on a home, but you have to keep in mind that it’s still your most expensive asset and it’s an investment and you want to make sure you’re making money on this purchase.