Appraisal vs Home Inspection, what is the difference? » Mortgage Masters Group

Like its counterpart, a purchase appraisal is meant to determine the value of the property. However, the purchase appraisal establishes a purchase price for the home rather than its replacement cost. Purchase appraisals are conducted when you plan to buy a home, whereas insurance appraisals determine insurance premiums once you own the house.

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Today’s video is a breakdown of between a Home Inspection vs Appraisal. Many homebuyers don’t understand the difference between a Home Inspection and Appraisal. Even worse, many agents don’t.

Home Appraisal vs Home Inspection. The difference comes in when you have an appraisal. A home appraisal is required if you will have a mortgage on the home. The appraisal is there for two reasons, for one, the bank wants to make sure that the house that they’re lending on is worth the amount that you’re buying it for.

Home appraisals tell you how much a home is worth, and a home inspection tells you why you might not want to buy it, regardless of price. Both processes have the capacity to derail home purchases.

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Both point out potential flaws. So, what is the difference between a home inspection and an appraisal? You’ve chosen the home. What is the Home Inspection? The home inspection is a much more detailed process. The inspector looks at every little area of the home. The inspector looks at the condition of the home as well as for any type of damage or potential damage that could affect your homeownership.

As you can see, there is a distinct difference between a home appraisal and home inspection. Both are crucial when going through the mortgage process. Both offer a more clear and objective assessment of your home, which allows one to improve its overall quality for the highest price.

A home inspection is primarily intended to protect the prospective buyer from purchasing a home with structural defects and other major problems. The home appraisal is meant to protect the lender from paying more than the house is worth.