706-277-1707
Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Motorcycle

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

RV & Boat

We browse through a wide variety of coverages and find the right one for you.

Get a Quote

Home inspections and home appraisals may sound like the same process. They both deal with a professional coming out to a property and evaluating it. However, they are two separate procedures done for different reasons. This blog will explain their differences and clear up this common misconception.

What is a home inspection?

As the name suggests, a home inspection is an examination of a home to uncover any potential problems it may have. The inspector, who the buyer assigns, will do a thorough evaluation of the house observing things such as, but not limited to:

  • The roof
  • HVAC systems
  • Plumbing
  • The foundation
  • Electrical wiring
  • The basement and attic
  • Chimney

Following the inspection, the inspector will draft a detailed report of their findings. This allows the buyer to see if the home has any major defects, and if so, either walk away or negotiate repairs with the seller. While the inspection is not required, it is highly recommended. The buyer is responsible for this fee.

What is a home appraisal?

A home appraisal determines the monetary value of a property. Because a lender doesn’t want to fund a loan that’s more than the home’s actual value, they will send out a third-party professional to:

  • Check for any obvious deficiencies
  • Look for improvements made (a new deck, remodeled kitchen, etc.)
  • Document the number of bedrooms and bathrooms
  • Measure the square footage of the home

They’ll also take into account previous selling prices of comparable homes in the area, the location of the home, crime rates, etc. When the appraiser is finished, they’ll write a report with the final estimate and the factors that contributed to that number.

And while the appraisal is done to ultimately protect the lender, it can also be beneficial to the buyer, too by letting them know if the seller is asking too much for the home. Also, it’s worth noting that this fee is usually covered by the buyer.

The home appraisal is one of the most important steps to buying a home.

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019


View Mobile Version

Contact Us Today!
706-277-1707

Social Social Social Social
© Copyright. All rights reserved. | Powered by Insurance Website Builder