Today I wanted to clear up any confusion about home inspections and appraisals.
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Today I wanted to talk about the difference between appraisals and home inspections.
The purpose of an appraisal is for the lender to determine the home value. They want to make sure that they are protecting their assets, and that if they have to take that property back, they aren’t overextending on their loan and losing money on its resale.
A home inspection is done for the benefit of the buyer. While the home is under contract, the buyer will hire a licensed, third-party inspector who will help determine the condition of the property. A general inspector will check out the roof, the structure, electrical, plumbing, and more.
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This will give the future homeowner a clear picture of the condition of the home and prepare them for future maintenance issues, as well as negotiating any repairs before moving into the house.
A home inspection is done for the benefit of the buyer.
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If you have any questions about this topic or you’re thinking about buying a home, please give us a call. We would be happy to help!
