Home Appraisal vs. Home Inspection – What You Should to Know
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The terms ‘home inspection’ and ‘home appraisal’ play significant roles in the buying and selling process of a home. But, often home buyers confuse home inspection with the inspection done by an appraiser who provides an appraisal report.
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Home Inspection: Protects the prospective buyer from purchasing a home with structural defects and other major problems. Home Appraisal: Protects the lender from paying more than the house is worth.
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Home Appraisal: A real estate appraisal is an impartial analysis performed by a real estate appraiser to determine the actual value of your home. The appraisal report obtained from the evaluation process is very helpful for mortgage financing.
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Important Factors Taken into Consideration by an Appraiser: • • • • • •
Age and size of the home Number of bedrooms, bathrooms, and closets Plumbing and appliances Condition of fences and decks Building code compliance The potential for expansion
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Home Inspection: A home inspection is a visual inspection performed to determine the condition of your home. The whole process takes about 3 hours to complete and is generally conducted at the buyer’s request.
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Important Factors Taken into Consideration by a Home Inspector: • • • • • • •
Pest infestation Basement leakage Leaks or cracks on floors or roofs Condition of walls and ceilings Condition of windows and doors Insulation Ventilation and more.
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Visit www.aedisappraisals.com for more information. Call +1 888 99 AEDIS (23347)
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