One simple rule when investing in something is: minimize any potential risks while maximizing the benefits.
A home among the biggest investments, and it doesn’t take a genius to understand you have to do everything possible to protect it.
The best part is you can protect your investment before you purchase it? Here’s how – getting an appraisal and a home inspection.
Most people mistake the two to be one thing, but they are not.
An appraisal: This is a walk-through. It’s more of a general assessment of your home, factoring in:
- Your home’s location
- The general condition of your home
- Your home’s features
- The crime rates in your area
- And nearness to social amenities
The goal is to determine your home’s value based on the recently sold homes in your area. A lender usually requires an appraisal, and it impacts your ability to get a loan or to get potential buyers.
An inspection: This is a much deeper dive into the property. An inspector will do a thorough examination of the home’s condition while trying to uncover some red flags that may be present.
A general inspection checklist includes:
- Home systems inspections, i.e., the HVAC, electrical, and plumbing systems
- Structural inspection; the roof, the foundation, attic
- Exterior inspections
- And major appliances as well
Unlike home appraisals, lenders do not require home inspection reports, except a few financing companies.
Why You Should Get Real Estate Appraisals and Home Inspections
Contrary to the title (appraisals vs. home inspections), these two aren’t competing entities. Both of them work to protect your investment while ensuring you get the best as a homebuyer.
You should not try to substitute one for the other, and it’s in your best interest to get both. An appraisal ensures you pay the right amount for the property you’re purchasing.
And an inspection provides you with an understanding of what you’re purchasing, which you can easily back out of if you’re not impressed.
At AAA Appraisals and Home Inspections, we are reliable, experienced, and insured, and we provide both appraisal and home inspection services.
Reach out to us if you’re from Davidson County and the Surrounding Cities.