Learn why inspections and appraisals are vital steps in home buying.
When you’re purchasing a home, there are two steps you must not overlook: a home inspection and a home appraisal. While they may seem similar, they serve very different purposes, and both are essential to ensure you’re making a sound investment.
Firstly, let’s talk about home inspections. When you hire a home inspector, you’re paying for a thorough examination of the property before you close the deal. The inspector will meticulously check every aspect of the home, from the roof to the electrical systems to the HVAC. They’ll find every single issue, no matter how small, and provide you with a detailed report. This step is important because if the inspector uncovers any problems that you find unacceptable, you have the option to back out of the contract. By doing so, you can get your earnest money back without facing any legal consequences.
“An appraiser’s job is to assess the property’s market value.”
On the other hand, an appraisal is equally important but serves a different purpose. An appraiser’s job is to assess the property’s market value. They’ll compare it to similar properties in the area and consider various factors to determine if the price you’re paying is fair. This step is vital because it ensures you’re not overpaying for your new home.
Both a home inspection and a home appraisal are indispensable when purchasing a home. The inspection helps you understand the property’s condition and potential repair costs, while the appraisal assures you that you’re making a financially sound decision.
If you have any questions, feel free to call (847) 362-1335 or send an email to jan.leasure@thedrmc.com.
