Home Inspections and Appraisals
2008-08-21 19:09:12
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When you find the house that you would like to buy, there are two important considerations that you must take into account be finalizing the deal. It is important to get a professional appraisal and a home inspection. These will be individuals that you hire, and you will need to arrange a time with the seller to complete an appraisal and a full inspeciton.
Appraisal
An appraisal is very diferent from a property inspection; although, must people think that they are similar they are not. An appraisal is conducted by a professional appraiser to determine fair market value of the property. This professional may not have to go in the house or even visit the property in order to determine an appraised value. An appraisal takes into account the following details of a property: location, lot size, lot value, ammenities, marketabilty, house value, house condition, community housing value, median sale values, house age, etc. This is for the buyer to ensure that the price they are paying is a good amount versus what the property is actually worth.
Inspection
A home inspection is not concerned with the value of the property; however, it is interested in finding out the condition of the building and all systems of the building. A home may have a great appraisal value; although, once an inspection is conducted the house may have heating problems, leaky roofs, asbestos, or other major costs associated with it. It is always a good idea to get an experienced inspector to review the house with you before a final offe is placed on the location.
Always make sure to make any offers on properties subject to financing, an inspection, and an appraisal.
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Source: Home Inspections and Appraisals