When buying or selling home, you want to make sure that the property is valued fairly and accurately, as well as ensuring that it is in the best possible condition. To do so, a potential home seller and home buyer may hire a home appraiser and an inspector, but while they both examine the condition of your home, their jobs are completely different.
A home appraiser is usually hired to give a statement on the value of the home by analyzing the surrounding market and the size and state of the home. This will give the bank or the lender a proper figure to offer a loan on.
On the other hand, home inspectors will examine the physical condition of the home, checking the physical structure and look of it. The inspector – who is always hired by the prospective buyer or seller – will notify you of any renovations that need to be done to structure of the home. For example, if there is considerable damage under the surface of your walls in your basement, then your home inspector would point that out. You should always get a home inspected before you buy it so you make sure you don’t end up buying a home that requires thousands of dollars in repairs.
When hiring both, there are some things to keep in mind to avoid any unnecessary hassle or risk, keeping your home selling or buying process as easy as possible.
Once an appraiser and/or an inspector is hired, don’t stop the question asking there. Sure, you think you’ll sound redundant, but when they are doing their appraisal and inspection they might go through some things that you might not understand. As well, if an inspector tells you need a part of your home to be repaired, make sure you know how you can get that done.
Remember, an appraiser values a home whereas an inspector lets you know of the physical condition of the home. If you need any help understanding the differences or the results of an appraisal or inspection, don’t hesitate to ask your real estate professional or REALTOR® for assistance and advice.