In some cases, a home buyer can bypass getting a mortgage and pay all costs out of pocket up front – a cash sale. Does this mean a home inspection is not needed?
A bank loan will always require a home inspection, but if it is considered a “cash sale” then it is totally up to the new buyer (in most cases). A big investment should always be researched and analyzed in order to make a fully informed decision. Skipping a home inspection can prove costly in the immediate to long term future of the home and will subtract from what you saved by paying cash. A home inspection can provide the buyer with more confidence because they are making a more informed decision. An example would be buying a house (no mortgage) with the plan to spend a max of 1.5 million. Due to high demand the new owner spends up to their max limit and is able to purchase the home. A few months down the road there AC system is found to be leaking into a crawl space. The crawl space now has an area of wood rot from the prolonged dripping and has now become prime breeding ground for termites. A thorough home inspection could have potentially spotted the early signs of a leaking AC unit and thus reduce the domino effect of one problem leading to another.
The bottom line : It is best to take your first preventative measure before the home is purchased by having a home inspection.
Please contact The Efficient Home at 718-869-1900 to set up a home inspection