Appraisal or Home Inspection… what’s the
difference?
Often in a home purchase, home inspections and
appraisals are both common practice. So what’s the difference?
A home inspection is often a condition of a purchase
and is usually done to protect the homebuyer. A qualified home inspector will assess
the physical condition of the home and all of its major systems to help you
determine if everything is in good working order. You typically receive a
schedule outlining what repairs are needed and by when.
An appraisal is an objective assessment of the home’s
value to confirm that the property is suitable as security for the mortgage. This
is rarely a problem, but lenders and insurers take on their own financial risk,
and they want to feel confident in the property before they approve the
mortgage.
Mortgage Agent
London, ON
michelle@4dfinancial.com
519-675-8798
http://mortgageintelligence.ca/brokers/Michelle-Natareno | ||
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