The Difference Between a Home Inspection and an Appraisal
A home inspection and a home appraisal are two important steps in your real estate transaction, but they often get confused with each other. A home inspection and an appraisal are requested by different parties, and each serves its own specific purpose in the whole process. Basically, a home inspection will identify any flaws within the home that impact the integrity and safety of the home, whereas an appraisal determines the value of the home. Let GreenLInk Home Inspections walk you through a home inspection and how it differs from the appraisal.
A Home Inspection
The home inspection should be completed by a certified home inspector and typically happens after an offer is accepted on the house. When GreenLInk Home Inspections inspects your home, we will investigate the interior and exterior of your property and thoroughly inspect all elements, such as the basement, crawlspace, attic, electrical system, heating and cooling systems, plumbing, bathrooms, kitchens, chimneys, roof, siding, decking, driveway, and more. We will identify any current or previous issues including structural, electrical, environmental, pest damage, and flooding. We will review the final report with you, going over any issues that were discovered, and provide you with mitigation options and recommendations.
A Home Appraisal
Performed by a licensed appraiser, a home appraisal will provide you with an estimate of the home’s fair market value based on the condition of the home, the location of the home, and other comparable home sales in the area. Mortgage lenders usually require an appraisal before they will approve the loan. Although the buyer will have to pay for the appraisal, it is typically arranged by the mortgage lender through a third party. An appraisal can impact the sale of the home if the value is not closely aligned with the offer price for the home, leading you, as the buyer, to have to either renegotiate with the seller or walk away from the deal.
Schedule Your Home Inspection
GreenLInk Home Inspections has assessed thousands of homes throughout our 20 years of home inspection experience. We specialize in flood zones, and along with our professional engineering experience and expertise, we offer many types of residential inspections, commercial property inspections, and engineering services. Contact us today at (516) 774-4565 to schedule your inspection or to request a quote. We serve business owners, homeowners, and soon-to-be homeowners in Suffolk County, Nassau County, Seaford, Massapequa, and Merrick.