Inspection vs. Appraisal- by Olivia Brion, Showing/Listing Assistant

November 25, 2015

Home Inspection - Magnifying GlassVShome appraisal

Whether you’re thinking of buying a home, renovating your home, or selling your home it’s natural to want the very best home for the very best price. If you’re selling your home, having a minimal to non-existent list of items that need to be fixed or replaced combined with a great appraisal is the best possible outcome. If you’re currently looking to purchase, finding that perfect home and then going thru a fairly easy inspection provides comfort like no other. Either way, Inspections and Appraisal are a huge piece of your real estate transaction. But what’s the difference?

A home inspection is a choice that is offered to you once you write an offer on your new home. Inspections are not mandatory or required by any lender or seller. Many also believe that the cost of an inspection is something that is part of your closing costs, should you have any. This is not true. Inspections are an out of pocket expense and are typically priced based on the square footage of the home. The entire process can take 3-4 hours. Your inspector will look closely at the foundation, all the appliances, any and all major systems, and they observe the overall condition of the home. Their job is to give you their opinion and call out any deficiencies they may find. It is then up to you to decide if you’d like to continue with your buying process or continue to search for your next new adventure.

Like inspections, and appraisal is also an out of pock expense based again on the square footage of the home. Appraisals are ordered by your lender and typically take anywhere from 7-10 business days to complete. The appraiser will come to the property, observe the land it sits on, observe the materials used to build the home, the current condition of the home, and pull all known records on the home. Once back to their office, they will then compare the price and condition of the home to all other recently sold, pending, or available homes on the market today to determine if the property is fairly priced in the current market.

If you or someone you know is thinking about buying a home and/or selling your current home, contact The Better Living Group today! We are here to provide you with information on purchasing a home and a free market analysis for the home you are considering to sell. The Better Living Group are Real Estate professionals in the Twin Cities and Greater Metro areas who are ready and able to assist with all of your Real Estate needs and goals and to provide only the best Real Estate service to all of our clients past, present and future.

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The Better Living Group

Realtors- GRI, ABR, CDPE or 763-496-2903

Keller Williams Classic Realty NW