Considering Waiving the Inspection Contingency?
I always recommend hiring a home inspector, but there are times when waiving the inspection contigency can make a buyer’s offer more appealing. If you’re considering this stratgey to get your offer accepted, don’t get caught off guard. There are a few things every homebuyer should check before deciding to take the risk. When you purchase a home, you should feel confident about your new endeavor. Asking questions and performing your your own visual inspection by checking a few home essentials first, will help you make the decision that’s right for you.
1. Date of Last Electrical Updates
Old or faulty wiring can cause major problems and safety concerns. Check the following:
- Ask to see proof of the dates of electrical updates.
- Check the home’s electrical panel for the quality of the workmanship.
- Bring a device like a phone charger to test all outlets in the home.
2. Date of Last Plumbing Updates
Inquire about the dates of plumbing updates and test the following:
- All faucets, toilets, and showers.
- Appliances that utilize plumbing, like dishwashers and laundry
- Utility sinks and outdoor faucets.
- Check under sinks for signs of leaks, mold, or water damage.
3. Age of the Roof
The age of a roof and its materials will help determine how much time it has left. A roof that’s older than 25 years might be nearing the end of its lifespan. Keep an eye out for:
- Cracked, buckling, or damaged shingles.
- Shingle granules or broken pieces in gutters.
- A sagging roof is a sign of rot and will likely need to be replaced.
- Water stains on the ceiling.
- Moss, mold, or fungi growing anywhere on the roof.
4. Any Reported Foundation Issues
Investigate any reported foundation issues and keep an eye out for these warning signs:
- Sagging floors or ceilings.
- Bowed walls.
- Musty basement smells.
- Signs of water in the basement.
5. Age of the Windows/Any Window Updates
Windows are an important visual component in the home, but they should function well too. Don’t forget to:
- Check the age of windows and doors and see if any major updates were made.
- Open and close all windows, doors, and shutters and check for drafts.
- Poor workmanship in these areas can drive up heating and cooling costs.
6. Date of Major Appliance Upgrades
Appliances that fail to work as expected can be a major drain on finances. Inquire about the date of any upgrades and check all appliances, including:
- Washer and Dryer
What to do next...
A new home is a big purchase. It’s important to feel confident about your investment. Even if you waive the inspection contingency, you SHOULD STILL hire a home inspector. Waiving the contigency simply means that the deal will move forward despite the findings, but at least you’ll know if there a major issues present that may require alternate financing options.
If you have questions or concerns about buying a new home, give me a call! I’m always happy to offer advice, strategies and guidance for this exciting endeavor.