Q & A
Why do I need a home inspection when my bank is having the house appraised?
A Home inspection determines whether the house itself has any hidden problems that could become costly surprises down the road.
The inspection report provides you with an expert assessment of the condition of the house, evaluates its structure and various systems within it.
Having said that, you’re probably thinking: Is a home inspection required? In most cases, it is not required, but rather optional. Do I recommend a home inspection? Absolutely!
A home appraisal, on the other hand, is an independent evaluation of the current market value of a house or property. In general, the purpose of an appraisal is to set the current value of a house so that a lender may determine how much it can loan to the buyer.
The appraiser looks at similar properties in the area (Comparables) and the prices at which they were sold to set the value of the house.
