Home Appraisers vs. Home Inspectors
While many individuals think all that’s involved with buying their first home is choosing the right property and getting a loan for it, others realize that there are several elements required to ensure the right purchase. But, the bottom line is that most first-time buyers have no idea about what is involved. So, it’s important to clarify the difference between two of the peripheral roles involved in the home buying process – the home appraiser and the home inspector. Although some individuals believe they’re the same thing, their jobs usually don’t overlap.
The Home Appraiser
Because their job is often referred to as an “appraisal inspection”, home appraisers are often confused with home inspectors. However, one of the key differences is that the home appraiser focuses more on the economic value of the property. Because of the emphasis placed on the market value of the property, mortgage lenders will usually require that an appraisal is conducted during the home buying process. This enables them to determine whether or not they should grant a loan before its approval.
The Home Inspector
The home inspector’s primary mission is to investigate a property’s quality and includes a detailed examination of the following components or elements of the property:
appliances
attic
basement (if applicable)
electrical system
exterior surfaces
HVAC system
property grounds
roof
safety issues
structural elements
Some will also check for dangerous or hazardous elements such as asbestos, radon gas levels, toxic mold, and unwanted pests. Because there is more of a focus on areas and issues that may require future repairs, the home inspection is geared more towards the buyer and seller rather than other parties involved in the home buying process.
You’ll typically walk away from a home inspection with a list of concerns as well as the recommended repairs that should be completed before buying or selling the property. That can help you decide whether the house is worth the cost or gets you the leverage to renegotiate with the seller or buyer. What you won’t get from the home inspector is an evaluation of the overall value of the property you are interested in. This is where the home appraiser plays a role in the buying/selling process.
Why Pay for Both?
Though the role of the appraiser and inspector are similar, they both provide a valuable service. While home appraisals tend to be mandatory, appraisers aren’t certified as part of the home inspection process. Nor have they undergone the training required to do a home inspection. To learn more about the appraisal and inspection processes, contact Clark Contract Inspection today at (309) 489-7224.