Homebuying March 13 2018

Home Inspection vs. Appraisal: Which Do You Need?

You have probably heard about getting an appraisal or an inspection before you close on a home. To the untrained ear, they may seem the same. But learning the difference between a home inspection and appraisal will show that they are both important parts of home buying.

Home Inspection

A home inspection is a limited, non-invasive assessment of the structural condition of a home. Typically, you will hire a certified home inspector to examine a home and analyze its strengths and weaknesses before you buy it. A standard inspection will include an evaluation of the home’s heating, air conditioning, plumbing, electrical, roof, attic, walls, ceilings, floors, windows, doors, foundation, basement, and structural components. Experts recommend that homebuyers attend the home inspection. That way, the inspector can physically show you the issues that you ought to keep in mind. Being present will also allow you to ask any questions that come to mind as you go through the home. The inspector will usually give you a written report afterward, which will tell you things that you need to know in order to take good care of your new home. Reading your inspection report before moving in will help keep troublesome surprises to a minimum. A home inspection isn’t just a good idea for a homebuyer. Sellers can use a home inspection to get repairs done before the sale of the home, which allows them to control costs and get a better price for the home. Whether you’re the buyer or the seller, don’t wait to contact a professional home inspector. If you contact an inspector the day before you need them, they will probably have their schedules booked.

Home Inspection FAQs

Appraisal

An appraisal is also a key step in the home-buying process, however, it is quite different from an inspection. A licensed appraiser familiar with the area will examine the home to determine its value, rather than assessing structural strengths and weaknesses. An appraisal assures that lenders do not lend more money to the borrower than the home is worth. Since the appraisal protects the lender, they will be the ones to order it. An appraiser takes amenities, the number of bedrooms and bathrooms, square footage, and market values of similar homes into account when ascertaining the value of your new home. Similar to a home inspection, an appraiser will visually check the exterior and interior of the home. Any structures needing repair will negatively influence the calculation of the home’s value.

Do You Need Both?

Knowing the difference between an inspection and appraisal will save you some time and confusion in the home-buying process. However, knowing what both terms mean should help you realize that they are not interchangeable, and you shouldn’t choose between them. Both an inspection and an appraisal are vital to choosing the right home and getting it for the right price. With these tools at your disposal, you will be able to get a fair market price for your home and know its strengths and weaknesses before you purchase it.

Sources: www.homeinspector.org www.bankrate.com www.investopedia.com

Search Results for query

June 11 2019

Mortgage Rates are Trending Downward

Mortgage rates are constantly changing, but they have remained low for quite some time now. If you’re in the market for mortgage financing, it may make sense to go ahead and get pre-qualified now!

Read More

May 31 2019

What is Escrow?

When you’re buying a home, you’ll hear the word escrow multiple times throughout the process! The meaning varies slightly, but all of the variations have to do with funds being set aside for your home.

Read More

April 18 2019

Eagle Home Mortgage's Homebuyer Solutions Group

If you’re ready to buy a home, but are unable to qualify due to credit challenges, our Homebuyer Solutions Group (HBSG) team is here to help you get the education and advice you need to turn “not today” into “You’re a...

Read More

March 27 2019

Interest rates have dropped!

Get Your Home Equity Working for YOU and Refinance Today 

Read More

March 25 2019

5 Steps to Kickstart Your Mortgage Refinance

Ready to refinance your home, but don’t know where to start? Here are some necessary steps to get you started to possibly decrease your monthly payments!

Read More

March 15 2019

Student Loan Debt? How You Can Still Get A Mortgage.

While your student loan debt may look like the biggest obstacle getting in the way of homeownership, a lender may not see it as much of a threat. Here are what lenders are looking at and how your student loan debt affects your approval.

Read More

February 07 2019

A Modern Mortgage with a Personal Touch

In the digital age, we know that you expect a simple online experience that is quick, easy and guides you step-by-step through the mortgage process. With Eagle’s Digital Mortgage, you can apply for a home loan faster and easier than ever before –...

Read More

February 04 2019

How Secure Is Financing Your Home Online?

Technology has changed the way we live our lives – including home financing! Eagle’s Digital Mortgage has been found to save days (even weeks!) in the mortgage process by providing a more complete pre-qualification upfront and an easy way for you to...

Read More

January 23 2019

A Community That Fits Your Lifestyle

You’ve worked your sixty-hour weeks and raised your family, now is the time to live the lifestyle you deserve. Lennar's award-winning Active Adult communities create a relaxed and stress-free setting while also offering a variety of amenities and...

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?