When it comes to buying a home, you’ll often hear the terms “appraisal” and “inspection.” In this article, we’ll explore the differences between these two things and how they can affect your real estate purchase.
At Guardian Angel Inspections, we want you to have the best home inspection services in South Florida. We invite you to contact us if you need a home inspection. In doing so, you can trust that you will have a complete report on your property’s condition. In the meantime, continue reading to learn more about inspections and appraisals.
What’s the Difference?
Home appraisals are done by an outside party who looks at your new house and determines its value. Home inspections, on the other hand, are comprehensive examinations of the property’s physical condition. The home inspector will examine every part of your home to ensure that it is functional and has no safety concerns before signing off on the sale.
So what should you do when buying a new home? You’ll need both of these things to make sure you’re making a valuable purchase. Let’s examine appraisals and inspections more closely to better understand their differences.
The Home Appraisal
The appraisal is what determines the value of your new home. This is usually done by an outside party, most times ordered by the lender, who will examine every part of your house to determine its worth. The appraiser will assess any damages, wear and tear, and other potential concerns before signing off on the sale.
For example, if your new home has a leaky roof or a broken window, these are things that can impact the final cost. If it’s in poor condition, you’ll end up paying more for repairs since you’re essentially buying a fixer-upper. This leads us to our next point…
The Home Inspection
A home inspector’s job is to examine every inch of your new house. They will make sure all systems are operational and there are no safety concerns before you sign off on the sale. A home inspector is chosen by the potential buyer of the property. This can be a stressful time because you have no idea what you’re getting into and could potentially buy an expensive piece of property that doesn’t meet your needs.
To avoid this, your realtor will typically recommend a home inspection. Home inspections are often conducted by a professional that has years of experience in their field. They will walk through your new property with a checklist of things to look for, such as mold or water damage. The inspector may also check for hazardous materials like asbestos or lead paint, for an additional fee, if it’s relevant to the age of the home.
The inspection should take about two to three hours but could take longer if there are any major issues found during the process. Remember not to panic if you find out something bad about the property. It’s likely that these issues will be fixed before closing because they’re glaringly obvious and something most prospective buyers would notice before purchasing the property.
What Happens if You Don’t Get an Appraisal?
If you are buying a home and do not consult with an appraiser, the lender will often step in to fill that role. They’ll usually use the cost of your new home as the “appraised” value. This could have some unintended consequences on the loan process, though. If the appraised value is much higher than what you’re paying for your new house, it may result in a low loan-to-value ratio. This could make it more difficult to get approved for a mortgage.
Additionally, if you’re overpaying for your home because it’s worth more than what you’re paying for it, this could also be a problem when applying for long-term loans or taking out equity loans later on down the road. It’s always better to know what your property is really worth before making any big decisions about buying it.
What Happens if You Don’t Get an Inspection?
If you don’t have a home inspection and the house you’re buying has major issues, such as mold or major electrical problems, you may be stuck with the issues. You’ll have to pay for the repairs yourself, and the cost might end up being more than what you would’ve paid in the first place.
To avoid such issues, you should call to have a home inspection scheduled. We invite you to call us at Guardian Angel Inspections today to arrange your inspection. We also offer our expertise in roof inspections, sewer inspections, pool inspections, and more. Essentially, we can inspect anything on the property and provide you with a full report on our findings.
Schedule Your Guardian Angel Home Inspection Today
We proudly offer our services in Palm Beach County and the surrounding areas. If you require any of our home inspection services, please give us a call on (561) 512-7854 to schedule an inspection today!
The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.