Appraisal vs. Home Inspection?
What exactly is an appraisal? A real estate appraisal, by definition, is an opinion of value given for a commercial or residential property and is necessary in many real estate transactions. An appraisal helps establish the property’s value. Appraisals are performed by someone chosen in a rotation randomly. There is a short list of approved and very capable appraisers in our area that we use, however, we do not have control over who is assigned each appraisal.
What about a home inspection? Spending a little money for a home inspection could save you a lot of money down the road! So, how can a home inspection save you money? Think of it like a test drive of a car you are considering buying. Most people would not purchase a car based on appearance alone. Don’t you want to take a look under the hood and give it a spin first? Not a bad idea to do the same for a home you are putting an offer in on. It’s one of (if not the) biggest purchase you’ll ever make. Unlike the appraisal, you select the inspector you want to hire. I can recommend someone if you are not sure who to hire.
Let me know if you have further questions about home inspections or appraisals.