Many people out there still do not know the difference between an appraisal and a home inspection. When you are looking to buy a home, and you have been pre-approved by the bank for a mortgage loan, or you are the seller of a home, then an appraisal is an important factor in the purchase transaction. What you need to understand is how an appraisal works and how the appraiser determines the correct value of the property.
A home appraisal is meant to be an unbiased decision by an experienced professional regarding the true value of a home or property. Appraisals are very common and are usually used in the process of buying and selling properties and homes. The appraisal is used to determine whether the home is of the correct value and the contract price matches the condition of that home.
Many factors are taken into consideration like, where the home is located, its current condition and how it looks aesthetically. An appraisal is trustworthy and ensures that the lender is not handing over more money than the home is actually worth. The appraisal is basically a security net for the bank ensuring the new homeowners are not over borrowing on properties that the bank couldn’t reclaim back. Appraisals also consider comparable homes recently sold in the general vicinity.
A home inspection, however, is there to give buyers peace of mind that the home being purchased is in good condition and not falling apart on the inside. A completed home inspection report will give an accurate detailed account of the structure and an overall picture of all working components (plumbing, wiring, HVAC, etc.) and the life expectancy of them.
A home inspection will evaluate the condition of the foundation, the roof condition of the property and more. The findings in a home inspection are often the dealmaker or deal breaker for all parties involved, unless the home is being sold in an “AS-IS” contract. Appraisals are for the banks, the inspection is for the new homeowners.
Many factors need looked at when you are looking to buy a home; some areas that are most in need of a review require a qualified home inspector, one who can offer specialized services. Since buying a home is one of the greatest investments a person can make then it is exceedingly important the whole process goes smooth and the home purchased is safe and in good condition.
As mentioned above, a home inspection will consider many factors when evaluating a home. They will thoroughly inspect the foundation, crawl spaces, heating, wiring, plumbing systems, and the roof condition, to name a few.
There are however, a few areas needing special attention, and one of those areas is mold damage. Mold is a very real concern for both the buyer and the seller. It is important to know mold can be found anywhere, even in new homes. Whether you are looking to buy a home or wanting to sell a home inquire about, and order a mold inspection for the potential purchased property.
Do not skimp on getting a mold inspection because mold is hazardous to a person’s health and can cause some serious breathing issues, especially if you are asthmatic. The service will give peace of mind, and bring reassurance. The inspection will clearly point out any issues, or factors, linking to mold.
Mold and dampness can have detrimental effects on one’s health and can cost thousands in repair bills. Having a mold inspection will allow you to pinpoint any areas of concern and have them treated straight away.
A home inspection service and the specialized areas that are included will help you to either go ahead and push through and close on the deal, or give the option to walk away and look for another property. (Before walking away, always look at the contract to avoid any preventable consequences).
Faulty electrical wiring is a major hazard in any home, and needs evaluated right away. Neglect of this area can lead to electrocution and even death, not to mention that it is a real fire hazard. This is why electrical inspection is included in official building regulations, this is important to know if you are looking to buy a home. It is, by far, one of the most serious areas that needs periodically checked to ensure standards meet the recent codes.
If you are in the process of, or hope to buy a home soon, then you will need a professionally qualified home inspector to check over the current wiring in the potential property purchase. Ideally, you want to get a clear and accurate evaluation of the electrical system, this can help you financially as well, when presenting any findings to the seller of the home.
Rewiring can be a nightmare and usually involves re-decorating and re-plastering walls where cables/wires need to be tracked through. This is why it’s essential to have a home inspection carried out before making the purchase.
Having a home inspection gives an expert evaluation of the home’s condition and if it’s suitable to live in. You wouldn’t want to have young children running around with faulty wiring all over the place, which is an accident waiting to happen.
If your home has not been rewired in the last 20- 30 years, then it be outdated and will definitely require an update to be within the guidelines of health and safety standards. Ultimately, the best decision you can make during the buying of a home is hiring a professional inspection company. Their findings will determine whether you continue ahead with closing on that home. Make sure hiring a home inspector is high on your list of priorities.
When the time comes for you to purchase the home of your dreams, it is vital that you think long and hard about hiring a professional home inspection service. This is especially important to do before there is any thought of signing the sales contract. In some cases, lenders or mortgage providers will actually require a home inspection to help with the approval of the loan.
It’s important not to go for the cheap option when you choose to contact and hire a home inspection service you will get what you pay for. By paying an extra couple of hundred dollars, you can get a more thorough report that includes the condition of major structural components. It has always been the view that a home inspection should identify all issues of concern that will delay the closing process.
It is better for you to call the inspection company, as well as, be the one to hire the home inspection service. This will also give the opportunity for you to join in on their review of the house. Having a home inspection performed before purchase allows you to request the seller pay and fix any major repairs. It is a chance at re-negotiation on the price, but only if you are the one responsible to pay for the repairs. An inspection is definitely important if the purchase contract is AS-IS condition.
Keep in mind, the inspection will cover all functional components of your home, rather than cosmetic issues. There are standards of practice that the inspector needs to adhere closely to, for the house to be assessed correctly.
Being able to attend the inspection walkthrough gives a clear picture of the home’s true state. Ask plenty of questions, the inspection supplies a thorough report and digital photos of any damage or repairs.
If you are looking at buying a home there is one decision you simply cannot afford to pass by and disregard. That decision is if you need to contact and employ the services of a home inspector and choose for it to be included in your home buying process. The reality is this home inspection is not obligatory in the home buying process and is not required by law. The choice is yours and it all comes down to you deciding if you need one.
Many people are fooled into thinking that because they have a builder or construction worker in the family they can simply rely on their opinion. Having a construction worker in the family is a great asset when it comes to doing repairs in and around the home. However, the training that a qualified home inspector has is far more in-depth and specialized in comparison to a construction worker.
A home inspector must pass strict regulations for certifications, which enable them to properly review and evaluate a home and detect any issues that could develop into serious problems. Everything from the correct concrete foundation of the structure to major working components in the home, up to the condition of the roof all these items and more are checked.
The reason a home inspection is essential is that you can use the findings from the inspection report to make the correct financial decision when it comes to buying the home or declining it, and looking a fresh for another.
It can be agreed that buying a home is a substantial step for anyone involved, it is also agreeable that the decision needs to be a sound one. You do not want to be overloaded with future repair bills from issues that could have been identified and/or avoided at the start if a home inspection was ordered and carried out.
