
What’s the Difference Between a Home Inspection and an Appraisal?
If you’re buying or selling a home in Novi, Northville, South Lyon, Plymouth, or Metro Detroit, you may wonder what the difference is between a home inspection and an appraisal. Both are essential steps in home buying or selling but serve different purposes.
A home inspection visually examines the home’s structure, systems, and components. The inspector will look for potential problems, such as structural damage, water leaks, mold, or pests. They will also check the home’s systems, such as the electrical, plumbing, HVAC, and roofing systems. The buyer typically pays for a home inspection.
An appraisal is an estimate of the value of the home. The appraiser will consider the home’s location, size, condition, and features when determining its value. The lender typically requires an appraisal when you’re buying a home with a mortgage.
So, which one do you need?
A home inspection and an appraisal are necessary but serve different purposes. A home inspection will give you peace of mind by identifying any potential problems with the home before you buy it. An appraisal will help you make sure you’re not overpaying for the home.
If you’re buying or selling a home in Novi, Northville, South Lyon, Plymouth, or Metro Detroit, I recommend getting a home inspection and an appraisal. I can help you find qualified inspectors and appraisers in your area. Contact me today to learn more.