![]() A home inspector reports your home’s condition. Know that a home inspection and a home appraisal are different and that one cannot replace the other. Home appraisal – Estimates a property’s home value for lenders and determines a fair price that buyers should be willing to pay.Home inspection – Gives a prospective buyer detailed information about the home’s condition (including its structure and construction), a list of things that may need to be fixed, and an estimate of the home’s longevity.Learn the Difference Between an Inspection and an AppraisalĪ home inspection and a home appraisal are not the same things in real estate, but they are often confused because a professional visits a home and inspects it in both scenarios. To get a favorable appraisal report, use this home appraisal checklist to ensure you’re getting the maximum value for that white picket fence. Getting appraised is necessary when applying for a home equity loan or a home equity loan alternative. If you want to use your equity to pay off debt, purchase a new home, or fund a business, the first step is getting a home appraisal. The appraisal, an independent assessment of your house’s worth, describes what’s valuable about your home and compares it to similar properties in the neighborhood. ![]() Are you a homeowner? Lucky you: you’ve got equity! Equity is the amount of the home’s value that you own, equal to the home’s appraised value minus any outstanding debts.
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