Home Appraisals vs. Home Inspections

For the average person, buying their first home is the most significant investment they will ever make. As such, there are many steps and guidelines in place as you go through the home-buying process. 

One of the steps you're likely aware of is the requirement of an appraisal. An appraisal inspection is something the potential mortgage company requires before granting you a mortgage loan. However, it's important not to confuse an appraisal inspection with a home inspection. The critical difference between the two is that one serves the mortgage lender's interests, while the other benefits the home buyer. 

The appraisal inspection determines the property's value for the mortgage lender to ensure the home's worth is sufficient collateral for the loan. A new home inspection gives you, the buyer, actionable information regarding the overall physical condition of the home. For example, you may not know that FHA guidelines require that a roof have a life expectancy of at least two years at the time of purchase. 

This is information an ASHI (American Society of Home Inspectors) accredited home inspection company, such as Keystone Home Inspection, would inspect for and share with you. Being well-informed on the condition only helps you as a buyer. Either your mind will be put at ease, knowing you're about to make an excellent investment, or you can use any problems uncovered to negotiate a better purchase price. Issues found during a thorough home inspection could even help you walk away from a bad deal. 

Below are ten questions you can use to hire a home inspector and ensure a quality home inspection.

1. What does your inspection include?
2. How many inspections have you completed?
3. How long have you been in the profession?
4. Are you specifically experienced in residential or commercial inspections?
5. How long will the inspection take?
6. What is the cost?
7. What kind of inspection report do you provide, and when can I expect to receive a copy?
8. Can I be present at the inspection?
9. Do you maintain a professional membership with a home inspection association?
10. Do you participate in continuing education programs to keep your expertise up to date?

If you're looking to have a house inspected in the Cleveland, Ohio area, then reach out to us at Keystone Home Inspections! Our quality home inspectors and inspections will empower you to make the best home-buying decisions for your family. Reach out today! We’d be happy to answer any questions you may have.