Mortgage rates are lower than ever. And the market’s hot—like, better-than-it’s-been-in-the-past-decade hot. Those factors combined make it so tempting to not just buy a house, but do so quickly, before the sellers get another offer, raise their ask or decide they’d much rather stay where they are, thank you very much. And in that stress, you might do anything you can to seal the deal—even if it means skipping the home inspection altogether.
At least, that’s what roughly one in five people decided to do this past June, according to data from real estate brokerage firm Redfin. It’s a 13 percent increase over the previous year, and it’s something that Daniel Tsirlin of Denver Home Inspection has seen on the rise throughout the pandemic.
“Waiving the home inspection process is really attractive right now, because it essentially fast-forwards everything by nine days, at least in Colorado,” he explains.
Plus, you can save $400 or more by skipping this part of the process, and if you trust that the home’s in great shape, why not save everyone the hassle, right? It makes sense…until you consider the huge costs this investment can save you down the road. A home inspector carefully surveys parts of the home you and your real estate agent may not notice, inspecting crawl spaces for structural issues, flying drones overhead to see if that “couple years old” roof needs patching, checking out the HVAC systems—basically, all of the unsexy features of the home that can come with four to five-figure bills if they’re in need of repair.