10/21/2021
When you’re buying a home, you will need two types of inspections—one is the actual inspection, and the other is the appraisal. They seem similar at first glance because both, as you might guess, involve a walkthrough of the property. They have different purposes, however. The information obtained is also reported to different parties.
What is a Home Inspection?
An inspection is thorough and is done by a professional, qualified home inspector. The inspector will look at the safety elements of a home and the integrity of the structure. The systems and structural elements an inspector looks at include the plumbing, electrical, and HVAC systems, roofing, and siding.
What is an Appraisal?
An appraisal is something almost all lenders are going to require you to have to get a mortgage. The appraisal’s purpose is to determine the estimated market value of a home. A third-party appraiser makes this determination based on factors like the home's location, the value of properties that are similar and recently sold in the area, and the condition of the house. The appraisal process will include a walkthrough, but it’s not as in-depth as an inspection. Then, the appraiser will research the comparables in the area and create a report.
Want to learn more? Contact us an we would be glad to assist you with your next new home purchase or sale (469) 304-4625
When you’re buying a home, you’ll need two types of inspections—one is the actual inspection, and the other is the appraisal. They seem similar at first glance because both, as you might guess, involve a walkthrough of the property. They have different purposes, however. The information obtain...
