Appraisal vs. Home Inspection?
What exactly is an appraisal? A real estate appraisal, by definition, is an opinion of value given for commercial or residential property and is necessary for 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 shortlist of approved and very capable appraisers in our area that is used, 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.