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The Big Difference Between an Appraisal and a Home Inspection
A lot of Americans believe that a home appraisal and a home inspection are the same thing, but this is simply not true. Not only are these two processes different, but they are intended for different purposes. Both a home inspection and a home appraisal should be done if you are buying or selling a home, and only having one done while neglecting or skipping the other is just asking for problems.
A home appraisal is usually done by the lender, to ensure that the value of the loan does not exceed eighty percent of the appraised value of the home. A home appraiser will provide their professional opinion of the actual market value of your home, using several different factors and formulas to determine this amount. An appraisal is simply an evaluation of the condition and market value of the home to arrive at the monetary value for your home. An appraisal is usually done by comparing the different factors of your home with the prices of comparable homes in your area which have been sold for in the last six months. At least three comparable properties should be used, along with any improvements and renovations completed. Pictures of the front and back of all four properties are taken, and then compared to arrive at an assessed market value.
An appraisal does not inspect all of the structures or systems and components of the home to ensure safe and effective operation as, a home inspection would. A home inspection is a completely different process, and is done for different reasons. A home inspection is a complete inspection of all the components and systems in your home, to ensure that they are in proper working order and have been properly installed. The structure is also inspected to ensure it is built correctly and has no defects. The thoroughness of the home inspection will depend on who is doing the inspection. Many people assume that a city inspection is a thorough home inspection, so a professional home inspection is never done, and this can be a costly mistake. City building inspectors do inspect your home, but there may be flaws and cosmetic defects that are not noticed or noted. City building inspections are done to ensure that the structure, all the components, and the installed systems meet the building codes and regulations. We have all heard the horror stories, and new construction buyers are astounded when their new home passes the city inspections yet the home is plagued with problems and defects.
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A professional home inspection should involve the inspector thoroughly looking at every aspect of your home. This includes every wall, door, window, electrical outlet, all wires, all plumbing fixtures, the roof, and everything in between. A complete professional home inspection should take at least two to three hours. More time will be needed if there are problems with your home or it is very large.
Even though a home appraisal and a home inspection are completely different, both of these steps should be done before you purchase any home. Without an appraisal, you may end up with a perceived market value for your home that is either too high or too low. An appraisal is required by any mortgage lender, and the lender usually chooses the appraiser. You do have a right to dispute the first appraisal and ask for a second appraisal to be done, but most banks will not accept an appraisal that is done by an appraiser they are not familiar with.
Not having a home inspection done is a big mistake, one that can end up costing you a bundle later on in the future. A professional home inspection will identify all problem areas and defects in the home, as well as any needed repairs and maintenance that should be done. A home inspection should identify any leaks or problems with the roof, the walls and structure of your home, the heating, cooling, electrical, and plumbing systems, and any other issues that affect the future repairs and costs needed to keep your home in the optimum condition. A professional home inspection should always be done before closing on any real estate purchase. No one wants to buy a home and then find out that the roof needs to be repaired or replaced, or that the home has mold growing in the wall spaces. A complete home inspection can protect you and give you peace of mind before you make that investment.
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