Whether you are buying, selling, or renting a home, you have probably spent at least…
It pays to know the difference between these two terms.
What’s the difference between an appraisal and an inspection?
Appraisals determine the value of the home. An appraiser will take into account recent, comparable home sales in the neighborhood. They’ll also evaluate health and safety issues. For example, is there a crack or lip in the sidewalk leading to the house that someone could trip on and hurt themselves? Is there a handrail on the stairs to ensure people can balance themselves? Also, appraisals are required when you get a mortgage.
An inspection determines the condition of the home. The inspector will check the HVAC, electrical, and plumbing systems and many other things to assess how solid the house is; they look for the issues. Looking at an inspection report may scare you a bit—it may have 15 pages of problems! However, most of them aren’t that big of a deal. Inspections are optional, but knowing about these issues is a crucial reason to get one.
Appraisals are required when you get a mortgage.
If you have further questions about appraisals or inspections or anything else concerning real estate, reach out via phone or email. We would love to help you.