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I had a fantastic conversation recently with an inspector, and he mentioned to me that one of the most common questions he gets has to do with people confused about the difference between a home inspection and a home appraisal. Today we are going to explain the difference between the two, so you know exactly what's going on. A home inspection is a review of the physical condition of your property. It allows you to itemize all the things wrong with your home, so you can pick and choose what you want to address before the sale becomes final. Inspectors always find numerous minor problems with any home, but what's important is keeping your big-ticket items in working order. The windows, roof, mechanical, electrical, appliances, and foundation are all checked by a professional, walking through the home for several hours to find any problem that could be a potential issue or area of concern.
An appraisal is done more for financial concerns. It will take your property, compare it to others like it in the area, and then quote the differences, whether it be something the home does have, or doesn't. They also take a look at the overall square footage and the number of bedrooms before they make a decision.
That's a basic look at the differences between the two. If you have any further questions on this topic or anything else real estate related, feel free to give us a call or send us an email. We look forward to speaking with you!
