You’ve skimmed every online checklist. You’ve listened to every piece of advice your relatives have felt inclined to give you. You’ve nearly done it all and yet you’re still confused about certain components of your real estate experience. For instance, what is the difference between a home inspection and a home appraisal? You’ve read the articles and it seems like they both do the similar things, right?
In reality, home inspections and home appraisals are entirely different. Think of your inspection as the radar for functionality. The inspector’s job is to detect the faults and flaws of the property and report them accordingly. They will look at the foundation, pipes, roofing and structure of the home to ensure its safety and worth. If for some reason a problem does arise under this “radar” then the seller usually agrees to have the issue fixed before reaching the closing table.
Your appraisal, on the other hand, is like an observer of value. Their purpose of visiting the property is to analyze the components of the property and connect that information to a dollar amount. Neighborhoods, the current market and property condition are all taken into account. From there, the appraiser creates a specified appraiser report.
So while both of these procedures are crucial to the home buying process, they serve very different purposes.
At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.
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