Appraisal and a Home Inspection? What's The Difference
If you are making the big decision to purchase a home, then you realize how expensive this purchase can be. Your home is the most expensive purchase that you will ever make. Your home is the place where you and your family will live, so you have a vested interest in this purchase that goes beyond its monetary value. Do you want to move into a home that is in good condition and priced right? Then you need to know all of the facts about the home before you make your move. Since that is the case, you are going to have to know the difference between an appraisal and a home inspection.
Appraisal vs Home Inspections
If you are a first-time home buyer, then you have probably heard the words “appraisal” and “home inspection” many times. What's the difference between appraisal & home inspection? With an appraisal, you receive a professional evaluation of the value of the home. This is generally an order that a lender will send out to confirm the true value of the property. If you are purchasing your home with cash, then it would be your responsibility to get the home appraised. When it comes to a home inspection, this is a top to bottom inspection of the condition of the home. This is what is done to determine how safe the home is and it also gives you an idea of the integrity of the structure of the home. Even though you may have gone through the home to see how it looks, there can be hidden issues that a home can have that you can not see. A trained inspector knows how to find any flaw in the home.
Do You Have to Get an Inspection and an Appraisal?
The appraisal and the inspection of a home are vital to the purchase. If you do not know the value of the home or the true condition of the home, then you could end up making an investment that will turn out to be a nightmare for you and your family in the future. Savvy homebuyers never miss these two steps before they decide to finalize their purchase. The good thing is that you do not have to do this all on your own, you can work with an agent or any other real estate professionals that can help you through the process.
Get the Home You Want
The home buying process can seem overwhelming, but it does not really have to be. You do well to do your due diligence before you begin to approach the process of searching for and purchasing a home. When you know the neighborhood, the price, the size, and the time that you want to buy your home, you are already ahead of the game. Your home is your most expensive and most valuable purchase, so make sure that you are working with the right people so that you can make an intelligent purchase instead of an emotional one.