U.S. Department of Housing and Urban Development:
Appraisals and Home Inspections are Different:
Appraisals are for lenders; home inspections are for buyers. The lender does an appraisal for three reasons: to estimate the value of a house, to make sure that the house meets FHA minimum property standards, to make sure that the house is marketable. Appraisals are not home inspections.
- Why a Buyer Needs a Home Inspection
A home inspection gives the buyer more detailed information than an appraisal--information you need to make a wise decision. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
· evaluate the physical condition: structure, construction, and mechanical systems
· identify items that need to be repaired or replaced
· estimate the remaining useful life of the major systems, equipment, structure, and finishes
- What Goes into a Home Inspection
A home inspection gives the buyer an impartial, physical evaluation of the overall condition of the home and items that need to be repaired or replaced. The inspection gives a detailed report on the condition of the structural components, exterior, roofing, plumbing, electrical, heating, insulation and ventilation, air conditioning, and interiors.
- Be an Informed Buyer
It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection.