Looking to purchase a new home in the near future? While that’s an exciting venture, there are a varfiety of items to consider and prepare for when you begin house shopping. Once you have your eyes set on a potential house, there are two key events that should take place over the course of your purchase – a home inspection and a home appraisal. Contrary to what some believe, these are very different processes. While they both assess the property, they are doing so for entirely different reasons. Here is a closer look at the purpose of each from the team at CalPro Inspection Group.
The Purpose of a Home Inspection
There’s a great deal to worry about when purchasing a new home. You must secure the financing, plan the move, and likely sell a property at the same time. On top of this, you must verify that all components of your new house, including the structure, the wiring, the plumbing, the roof, and so on are safe and secure. The benefit of a comprehensive home inspection is that a trained professional will examine all of those things for you. A home inspection is meant to educate the buyer and help protect them from any issues that might have been hidden or undisclosed. That way, you can negotiate for repairs, or worst case, back out of the purchase entirely, if needed.
The Purpose of a Home Appraisal
A home appraisal is a much more surface-level assessment of the home, albeit still an important part of the process. The purpose of a home appraisal is to find the estimated market value of the home. It is not the job of an appraiser to deep dive into the walls and point out any issues. They are there to protect you, the buyer, and the bank from putting too much money into a property that may be overvalued. In most cases, an appraisal will be required to secure your mortgage. Some of the things an appraiser will consider are the location, condition, and comparable prices of recently sold homes in the area.
Looking for a home inspection in Greater Sacramento or the Bay Area? CalPro Inspection Group has you covered. We also offer additional specialty inspections like mold inspections and pool inspections. You can contact us today over the phone at (800) 474-3540 to request a quote or schedule online.