Real estate investing or purchasing anywhere, not just in Naples Florida real estate is a large and potentially expensive proposition. There are those who are advocates of purchasing a home without doing a home inspection, however, we don’t advise that at all.
Motivated buyers in the hot Naples Florida seller market are waiving the inspection contingency hoping to encourage a seller to accept their offer over someone else.
Even if you decide to waive the inspection, you should still have one, even if it’s not a contingency of the sale. If you’ve waived that, then immediately after purchasing the property, have a licensed home inspector tell you what issues there are in the property.
If you are considering purchasing a Naples Florida home without inspecting it first, here are some options to help protect you and your budget.
1. Obvious issues
If you’ve never purchased a home in Naples Florida before or you’re not an inspector/general contractor/experienced investor, you may not know what is cosmetic and what is a substantive issue. The Naples Best Realtor or agent you choose can make a difference. We have done hundreds of walkthroughs of homes and help our customers see some of the issues and warning signs.
Here are some items to look out for in your potential purchase:
- Stains on the ceiling, walls, or floor that can indicate water intrusion, flooding or a roof leak
- Damaged roof with missing tiles, shingles or other signs of wear and tear
- Old windows that don’t open/close properly or aren’t hurricane rated
- Age and operating status of HVAC systems and hot water tanks
- Cracks on the exterior of the home; might be from settling or could be a big issue.
- Leaks in the kitchen or bathroom (check cabinets)
- Large trees that are too close to the home; their root systems could invade the foundation or sewer/water lines.
Note that with new construction, a builder may or may not allow you to have an inspection. We’d recommend doing the punch out list walk through with your realtor to make sure that
2. Appliances and other systems
It’s important to find out how old the appliances, HVAC and other systems in the home are when purchasing. The servicing history of the HVAC is important to make sure it’s been serviced by a licensed professional.
3. Renovations are important to budget
When you purchase a home without an inspection, make sure that you’ve got cash reserves. There will be unexpected expenses that almost certainly will occur. It’s easy to get caught up in the whirlwind of offers and counteroffers. Your agent should help you remember that you still need a nest egg to cover renovations and repairs. It’s best to have up to 10 percent of the purchase price for anything needing attention after closing.
4. Home warranty protection plans
A home warranty protection plan can blunt the costs of repairs and replacement of expensive appliances or home systems. While they may not cover everything, they can be quite useful especially with a limited budget.
5. Why inspect a house for sale
A home inspection is useful information not just to the buyer but also for the seller. It helps you understand the current state of the home, age of major systems and equipment, defects and safety issues. Ultimately this helps you budget better for the ownership costs.
We are seeing fewer buyers waiving inspections as the market starts to turn. This helps the marketplace be more balanced. Also, should a deal fall through, lets the seller know what’s wrong with the property. The seller can then disclose the items and has the option of repairing/remediating the items for the next buyer.
We’ve participated in over 500+ sales in SW Florida. We have experience with a number of issues that buyers and sellers may encounter. We’d be happy to put our experience to work for you. Let us help you have the best possible Naples Florida real estate purchasing experience.
Call us at 239.293.0246.
