Your Twin Tiers Home Inspector Answers: What’s the Difference Between a Home Inspection and an Appraisal?
If you’re about to be a new homeowner in Elmira, Corning or Horseheads, you may be asking this question. You need to know what the difference is between a home inspection and a home appraisal. It’s normal to be confused about a lot of the terminology that your realtor uses when you’re buying your first home. Here at Precision Home Inspection, we’d like to take this opportunity to clear things up for you a bit.
What it Means to Get an Inspection for Your Twin Tiers Home
When you’re hiring a home inspector in the Elmira, Horseheads or Corning area, you’re really “hiring” peace of mind. It’s their job to focus on the condition of the home; both inside and out. They check out the mechanical systems and make sure everything is working as it should. This includes inspecting the heating and cooling systems, as well as the electrical and plumbing.
On the outside, the home inspector checks out the roof, the foundation, the siding (or other building materials) and the paint. They’re looking for health and safety concerns, and they’re also checking for any potential repairs you may need.
All of the above is why it’s so important for you to be there for your home inspection, if at all possible. Some inspectors will ask you to come at the very end so they can go over the key points with you. However, there are some who prefer new homeowners to be there for the entire process. The best ones will encourage you to ask questions, and they’ll be happy to answer them for you.
When it’s all said and done, your inspection will tell you everything you need to know about your new home. If something is seriously wrong, you can use the information you’ve learned to re-negotiate a new offer. Inspections aren’t required in every state, or by every lender. However, it’s always a good idea for them to be done. They could potentially save you a lot of money down the road.
Understanding the Bank Appraisal
The appraisal is required by the bank to determine what the home’s market value is. Lenders will hire appraisers who will look for deficiencies that may lower the home’s overall value. The appraiser is looking for other information too, including:
- The location of the house
- The home’s square footage
- The selling prices of other homes in the neighborhood, or nearby
Sometimes homeowners think that an appraisal will be enough, and they don’t really need an inspection. The fact is that appraisers aren’t supposed to catch everything that could be wrong with the house. They’re looking for issues that may be apparent and easily observable. They don’t test the mechanical systems. This means that if you’re only depending on the appraisal to give you information on the condition of the house, you could end up with some unpleasant surprises.
At Precision Home Inspection, your satisfaction and your safety is our highest priority. Not every inspection company offers you the guarantees that we do, and we stand behind our work 100%.
If you need to make an appointment a home inspection for your new Twin Tiers home, we’re excited to help you! Please contact us right away.