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Friday, October 3, 2014

The Woodall Group Explains Inspections & Appraisals

Looking to buy or sell a home in Athens, Georgia? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (706) 621-6085 for a FREE home buying or selling consultation to answer any of your real estate questions.

It's come to our attention that many folks in our area don't know what the difference is between home inspections and appraisals. Today, we break these two real estate concepts down for you.
  • Home inspections: These are recommended but not mandatory. An inspection is typically done by the buyer. They will hire an independent person, who does 2 or 3 inspections a day, to take a look at the house you're interested in and make sure there aren't any major problems. It's a thorough evaluation of the house - they will check the thermal and electrical, examine the attic, crawl spaces, under the kitchen sinks, and the roof, among other things. At the end, you'll get a report that tells you everything you need to know about the house. Inspections vary in price, but are typically between $300-$500. Before you get an inspection, ask what the particular company will include in the report. This is a great way to protect yourself from buying a defective home.
  • Appraisals: These are mandatory if you are taking out a loan. An appraisal determines the value of your home or validates the value you want to sell it for. The appraiser will take notes about the various details of your house - such as the number of bedrooms and bathrooms, the size of the rooms, and the overall quality and condition of the home. They will then compare your home to other recently sold properties in your area and come up with a value. They will be sure to make adjustments for the size, age, and condition of your home to get a solid number. Banks order these when you apply for a loan. If you buy in cash, an appraisal is optional.

There it is, the many differences between the appraisal and inspection processes. As always, if you need any help with real estate in the Athens area, don't hesitate to give us a call or shoot us an email. We'd be pleased to serve you!