The difference between a home inspection and a home appraisal

Home inspections are an essential ingredient of the home buying and selling process. Therefore, it is important the buyer of the home attend the inspection in person, along with the experienced home inspector hired. For those who might not know, there is a difference between the home inspection and the home’s appraisal. Let’s take time to clear this area up and get to the know what those differences are.

A Home Appraisal

It is usually the surveyor performing the appraisal on the home and based on their findings he/she will give an evaluation on the property before an offer is placed. In the appraisal, the surveyor will take into account a number of things including the current condition, the size of the home, proximity to schools, comparable property within a five-mile radius. All these will factor into the value of the property this helps the buyer greatly by allowing a credible purchase offer. An appraisal does not take in any facts on the structure’s integrity; this is where an inspection becomes necessary.

A Home Inspection

After you have made an offer and have a contract, you can look at hiring a qualified home inspection company to carry out the home inspection needed. Home Inspections are not mandatory, and people overlook them sometimes, in the home buying process. They are very beneficial, and worth having done.

All components within the home are checked, electrical wiring is checked for suitability, plumbing and foundation are checked, adequate measures are taken to evaluate that the correct insulation has been put in place, and the home is waterproof. These are only a few areas the home inspector will review.

 House price weigh up

A home inspection can help negotiate the asking price on that home, and in some cases, the contract agrees to allow the buyer to walk away from the home, if the costs of repairs and replacements are exceedingly high.

Having a home inspection is the difference to you enjoying the home of your dreams or waking up in the home of repair nightmares every single day.

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