Home Appraisal vs Home Inspection
Summary: A home appraisal and home inspection may seem similar since they evaluate homes; however, they are vastly different in their evaluation process. An appraisal determines the value of a property and is very surface level while an inspection is a thorough examination of the property’s condition. Both services help buyers purchase a functionable and safe home at an accurate and fair price.
If you are a first-time home buyer or a seasoned buyer, before you apply for a mortgage, consider a home appraisal and home inspection. Home appraisals and inspections are beneficial to buyers who are considering a home mortgage loan. Both make sure the potential owner is purchasing a functionable and safe property at an accurate and fair price. They may seem similar as they evaluate a buyer’s property; however, an appraisal determines the value of a home while an inspection determines the condition.
- A surface level examination of the home’s value.
- An appraisal management company that is not connected to your mortgage lender will send an appraiser.
- Visual attributes such as upgrades and imperfections within the interior and exterior of the home will be noted.
- The appraiser will compare your house to recently sold homes within the neighborhood to help determine your home’s value.
- Homeowners will learn the value of their home in the final appraisal report.
- Home inspectors focus on safety issues and damages within the home.
- Safety issues include electrical wires hanging out, cracks in the foundation, or mold.
- Home damages include an unstable roof, pipes, or leaking walls.
- Home inspectors look beyond the visual attributes and dig deeper to get a sound understanding of the home.
- The home inspector will inform and educate the homeowner of any current and future problems and provide viable solutions.
- A report summarizing the condition of the home will be provided at the end of the inspection.
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