Posted on: 20 April 2016
When buying a home for the first time, one of the most important things that you can do is to have it inspected prior to closing on the property. By doing so, you are protecting the home itself from incurring additional damage from unknown problems, while also protecting yourself from taking on the burden of a home that needs costly repairs. Since an appraisal verifies that you are getting a good deal on your home and an inspection looks for any problems with the house itself, having them both provided for your home is the only responsible choice.
#1-Understand The Intricacies Of A Building Inspection
If you are new to home-buying, it is not unusual to think that inspections and appraisals of the home provide the same information. However, they do not since the inspector examines the home in great detail,including the electrical and plumbing system. In addition, that person will also make sure that the home is safe to live in and free of harmful issues such as mold or a damaged foundation.
It is important to point out that while a building inspection of a prospective home is not required by law, it is often required by lenders. However, it makes good financial and planning sense to have any home inspected for damage or expensive problems before committing to its purchase.
#2-What To Expect From The Appraisal Of A Prospective Home
Once you know what the inspection includes, it is time to understand the appraiser's job. Specifically, the primary function of a home appraiser is to make sure that the value of the home is commensurate with its sale price. Most lenders will require an appraisal before they can process your loan.
In order to make that determination, he or she will look at the size of the home and assess any improvements or negative changes that will impact its value. While the location and size of the home will play a role in that determination, the value of nearby properties will also be considered. However, they do not an in-depth evaluation of the home, so an appraiser will not notice that the HVAC system is on its last legs or that mold is growing in a shower wall.
In conclusion, it is easy for major problems with the plumbing structural integrity or the electrical system to occur in a home and be invisible to the naked eye. Therefore, it is in your best interests to have any property that you are considering buying inspected by an experienced professional, like Home Inspection Associate, before committing to the purchase. Fortunately, it will be a good idea to consider the above information.Share