Purchasing a New Jersey home involves a lot of moving parts, and many people choose to have a home inspection performed before making a final decision to buy a property. A home inspection takes some time and money, so some people opt not to have one. However, this is, in most cases, a bad idea.
Per Realtor.com, how competitive a particular housing market is depends on many factors, including the amount of inventory there is in an area and how high-interest rates are. Buyers tend to skip home inspections more frequently in highly competitive markets, but here is why doing so is ill-advised.
Home inspections reveal vital information
A home may have many problems that are invisible to the naked eye, some of which may prove quite costly. A home inspection gives buyers a realistic picture of the state of the house they wish to purchase to reduce the chances of the buyers getting any unpleasant surprises sometime down the line.
Home inspections may give you bargaining power
Another important reason not to skip a home inspection is that the information it reveals about defects may give buyers significant bargaining power. For example, if a home inspection reveals a significant defect that is going to be expensive to fix, the buyer may ask to reduce the price of the home to cover the necessary expenses. Buyers may have an easier time getting prices lowered if the home they have their eyes on has remained vacant for some time, making the seller more motivated.
Buyers who have home inspections performed that reveal defects may also be able to request other incentives from the seller to account for the defect.