What’s The Difference Between Home Inspection and Home Appraisal

If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.
Home Inspection

south florida home inspections

Here’s the key difference between an inspection and an appraisal. Bankrate says:

“In short, while an appraisal helps you understand a home’s value, inspections help you understand a home’s condition.”

The home inspection
is a way to determine the current state, safety, and condition of the home before you finalize the sale. If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you as a buyer have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.

Home Appraisal

The National Association of Realtors (NAR) explains:

“A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage.”

When you apply for a mortgage, an unbiased appraisal (which is required by the lender) is the best way to confirm the value of the home based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.

This is especially critical in today’s sellers’ market where low inventory is driving an increase in bidding wars, which can push home prices upward. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more.

However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices in check. If there’s ever any confusion or discrepancy between the appraisal and the sale price, your trusted real estate professional will help you navigate any additional negotiations in the buying process.

Bottom Line

The inspection and the appraisal are critical steps when buying a home, and you don’t need to manage them by yourself.
Work with a real estate professional today so you have the expert guidance you need to navigate the entire homebuying process.

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What You Need To Know About Home Inspections

what you need to know about home inspections

Some Highlights

The inspection is a major part of the home selling process.
Many buyers used to waive inspections to be more competitive with their offer, but recently, inspections and repairs are becoming popular again.
Connect with a trusted real estate agent so you have an expert on your side who can help you determine the repairs and updates your house needs before you sell.

If you use TaraBurner for your real estate needs, you get a free pre-listing inspection or if you’re a buyer, you get a free full home inspection fromTaraBurnerHomeInspections

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Why A Home Inspection Is Important

why a home inspection is important

Highlights

If you’re buying a home, here’s what you should know about your home inspection and why it’s so important.
A home inspection is a crucial step in the homebuying process. It assesses the condition of the home you plan to purchase so you can avoid costly surprises down the road.
Work with an agent so you have an expert on your side who can guide you through the process.

A bonus when using Tara Burner, Broker/Owner is she is also a licensed home inspector who offers her buyers a free home inspection with wind mitigation and 4 point inspection when purchasing a home with her as the broker.
She is also available for regular buyers (not her own clients) who need any type of home inspection, roof inspection, wind mitigation and four point inspection.
Visit TaraBurnerHomeInspections.com for more info.

tara burner home inspections

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Why Your Home Inspection Matters

why your home inspection matters

Some Highlights

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Why Your Home Inspection Matters