A home inspection and a home appraisal are two different things. A home inspection assesses the property’s condition, while a home appraisal determines the property’s value.
Here are five key differences between these two processes:
- Home inspections are conducted by trained professionals, while licensed appraisers conduct home appraisals. A home inspector will look for any potential problems with the property, while an appraiser will focus on the property’s value.
- Home inspections are typically done before purchase, while home appraisals often happen after purchase. This is because a home inspection can give buyers peace of mind knowing they’re not buying a lemon, while an appraisal is essential for tax purposes.
- Home inspections are paid for by the buyer, while the seller typically pays for home appraisals. This is because buyers want to know what they’re getting into, while sellers want to ensure they’re not overpaying for the property.
- Home inspections are typically mandatory to get a mortgage, while home appraisals are only required if the lender requests one. This is because lenders want to ensure that the property is worth what they’re lending, while an appraisal isn’t always necessary.
- Home inspections are usually conducted by third-party professionals, while the lender’s appraiser conducts home appraisals. Home inspectors are objective and unbiased, while the lender’s appraiser may be more inclined to appraise the property for less than it’s worth to protect the lender’s investment.
Overall, home inspections and home appraisals are two different things. A home inspection assesses the property’s condition, while a home appraisal determines the property’s value.
Knowing the difference between these two processes is essential to ensure you get what you’re paying for.
Professional Home Inspection Services in Jacksonville, FL, and Other Areas in Florida
If you’re buying a home in Jacksonville, FL, or any other area in Florida, it’s essential to have a professional home inspection conducted.
330 Inspection Services can help identify all potential property problems, saving you a lot of money in the long run. Contact us today to schedule a home inspection.