When you seek to purchase a home, there are a number of inspection type of procedures that you should have done on the home in order to understand exactly what you are purchasing. The two most important are the appraisal and the home inspection and each has its own procedures and goals. When both are completed, they reveal the complete set of circumstances surrounding the home you are considering.
The Home Appraisal
One important survey of the home you are seeking to purchase is the home appraisal which is a process that is used to accurately determine the market value of the home. They are a complete overview of the home and are conducted by professional companies like NovaStar Appraisals, who have the expertise to determine the value of the home. There is very valuable information contained within the appraisal including the average price of homes in the neighborhood where the home is located, any zoning and tax information, the condition of the home including any upgrades or renovations and how fast homes are selling in the neighborhood.
Appraisals are used by homeowners to determine where to price their homes on the market and they are invaluable to lenders who use them to establish pricing guidelines for homes and lending parameters for new home buyers. An appraisal is one of the most important documents to review, when you are seeking to purchase a home.
The Home Inspection
The home inspection is a complete inspection of the home performed by a licensed professional. The home inspector will conduct a visual inspection of every part of the home and all of its amenities.
This includes the structure, foundation, interior and exterior, the garage, all of the rooms and the roof. The inspector is searching for any areas that are unsafe, damaged or in need of repairs. The inspector also checks to see that all of the home’s systems are in good working order.
The home inspector will create a report that details any issues at length and offers recommendations for repairs or additional observation if needed. An inspection report is valuable to home sellers because they can understand the condition of their home and help them to decide on any repairs they should make to get a higher value for their home.
For a buyer, the report is invaluable because it will list any problems seen or unseen that will need attention once they make the home purchase. Often the home inspection is used by home buyers to help negotiate a lower selling price or to get the home seller to make repairs. So to estimate the value of a home you are purchasing you should purchase have an appraisal done and to determine any problems in the home, a home inspection is the road to take. Both are valuable when looking to buy a home