Home inspections and home appraisals are commonly thought to be the same step in the home buying process. There are many similarities, but they are different. A home appraiser’s job is to report the monetary value of a property based on elements of the home (square footage, number of rooms, etc.) and the fair market (current market trends, comparable properties, etc.). The appraiser formulates an opinion of the property’s value for the lender. While the inspector educates the buyer on the condition of the home and it’s major components. A home inspector is responsible for a physical evaluation of the condition of a property. Areas of interest that an inspector typically looks at are:
- Electrical System
- Plumbing System
A home inspection is much more thorough than an appraisal. They can take up to 3 hours compared to a simple appraisal walk-through. A home inspection typically happens before a buyer purchases a home. An appraisal occurs before a lender will issue money to purchase the home.
Contact us for more information on the different steps of the home buying process.