appraisals

What Homebuyers Need to Know About Home Inspections and Appraisals First-time homebuyers often find themselves inundated with new terminology: “escrow,” “amortization,” “closing costs,” among others. The terms “home inspection” and “home appraisal” also get tossed around a lot during the home buying process, so it’s important to know what each one means and how they’re different. Understanding these differences can help first-time home buyers navigate the purchase process and understand the benefits of home inspections and home appraisals.   What Is a Home Inspection? A home inspection is a close, detailed physical inspection of all features of a property to ensure the overall function and safety of its rooms, appliances, and systems (such as HVAC, electrical, and plumbing). During a home inspection, a professional, licensed home inspector will spend several hours and a multitude of tools examining inside and outside the home–including the roof, yard, basement, foundation, and chimneys–and identifying any major issues that require repair or attention before new homeowners move in.  The home inspection occurs before the actual purchase of a home, and its purpose is to protect potential buyers by informing about the exact condition of their desired property. During an inspection, the potential buyer is allowed, even encouraged, to […]