19 Jun Holly Walther Lending Team: Fun Fact Friday – Home Inspection vs Appraisal
Holly: Hey guys, happy Friday. It’s Holly and little miss Daisy. This week has tuckered her out. But we are here with your Fun Fact Friday. So we get a lot of questions about what is the difference between a home inspection and an appraisal. A home inspection is typically going to be performed pretty soon once you go under contract. You’re going to hire a home inspector to come in and they are going to really do a detailed inspection of the property. They’re going to be looking at, you know, the attic, the wiring, the efficiency of your systems, the foundation, they are going to do a thorough inspection of the home. So you have a great idea of what you’re getting into. Any areas of concern, even including the roof. Those are all going to be things that the inspector’s going to discuss with you. You also have the option of doing a radon test – that is something you can do a little more research on, but that is what an inspection is.
An appraisal is a little bit different process. Depending on what type of loan you were getting, they may check some additional things. But we are going to order the appraisal. The appraiser is going to come out to the property. They are going to measure. They’re going to take interior photos. They’re going to note the condition of the property, the square footage, the location – those types of things to document an adequate value for the property. So inspection is inspecting the property, making sure everything’s sufficient. An appraisal is going to give you peace of mind as to the home’s value. So I hope that helps. If you have any additional questions, please reach out to us anytime and have a great weekend.