What is the Difference Between an Appraisal and an Inspection?
An Appraisal is requested by your lender to determine the value of the property. Your lender wants to be sure the property is worth the amount of money they are loaning the buyer for the purchase. A licensed Appraiser will evaluate the home based on:
- Features
- Style/Floorplan
- Size
-
Lot Size
- Location/Neighborhood
- Comparable Active Listings
- Comparable Sold Properties
An Inspection can be requested by the seller (generally before listing) or by the buyer (after a purchase offer is accepted) to determine condition of the property. As the buyer (or the seller), you have the option to hire a Licensed Home Inspector or you can inspect the property yourself. We recommend hiring a professional. As a buyer, this is your opportunity to see what repairs might be necessary and it may be a decision point to terminate the contract. A Licensed Home Inspector will examine the following:
- Roof
- Exterior of the house
- Foundation
- Home Systems: Electrical, plumbing, heating/cooling, venting
- Appliances (that are included with purchase)
- Windows, Doors
- Attic
- Basement/Crawl Space
- Sprinkler System
If you have Real Estate Questions, The Foerster Team has the Answers. Please call us at (720) 530-5554, email us at Donna@TheFoersterTeam.com or leave your question in the comments section below. Who knows? Your questions might be the topic of a future blog post!
What is the Difference Between an Appraisal and an Inspection?
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