Buying a home is an expensive process, especially in hot market areas such as New York City. It can be tempting to cut corners, such as skipping the home inspection, in order to save some cash. However, skipping a home inspection can sometimes wind up costing you a significant amount of money in the long run.
Home inspection contingencies are common in real estate contracts
A home inspection contingency is a clause in a real estate contract that permits you as a buyer to get a professional inspection on the property that can uncover potential problems before purchasing the property. Generally, the home inspection contingency gives buyers a window of time in which they can walk away from the deal based on the results of a home inspection without incurring a penalty. Some lenders require a home inspection to be performed before they will issue a home loan.
Home inspections can reveal major issues in the property
Inspections can reveal serious problems with the structure of the home that could be costly to fix and present health and safety risks. Inspectors will examine the inside and outside of the home. This includes examining the wiring, plumbing, roof and foundation.
You may want to be present for the inspection. This way you can hear about issues directly from the inspector and you have the chance to ask questions if you have any. You can also observe major issues with the property in person if you attend the home inspection.
If you skip the home inspection you run the risk of buying a house that has major structural problems that could be very expensive to fix. If the inspection reveals a problem with the home the seller can choose to fix it, or the purchase price can be lowered to account for the cost of the repair. Home inspections are an integral part of the homebuying process in New York and generally should not be skipped.