Home Inspection vs Appraisal | Kurt Clements - Naperville IL Real Estate Agent

As a home buyer, you will most likely include two contingencies with your offer: Home Inspection and Appraisal. So, what is the difference?

Hi, I'm Kurt Clements with eXp Realty in the far west suburbs of Chicago.

When you decide to buy your first home, you may have a general idea of a home inspection, but maybe you're not sure why you need one or how it differs from an appraisal. Let's explore the two so you, as a buyer, can be more informed about the process and how it benefits you as a consumer.

Once your offer is accepted, getting a home inspection is a key part of the process. A home inspection will give you an idea of the safety and overall condition of the home and, more importantly, foresee any unexpected repairs. Realtor.com reports, "A home inspection protects your financial interest in what will likely be the largest purchase you make in your life and one where you need as much information as possible.

Now let's talk about the home appraisal. The home appraisal is a report your lender will most likely request, and it will give you the home's value based on comparables in the neighborhood. According to Bankrate, "An appraisal verifies that the sale price of the home is in line with fair market value. This ensures the home buyer doesn't pay for more than the home is worth."

The bottom line is that the home inspection and appraisal are different but equally important when buying a home.

So, if you’re curious about your next move, reach out! We’ll lay out all your options so you can make a confident decision that’s best for you and your family.

Thanks again for watching, and as always, we’re here to help, and we’ll talk with you soon.

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If your house isn't working for you, isn't it time to find a home that does? Reach out to us whether you are a first-time homeowner, considering upsizing or downsizing, or possibly even moving a year from now! We are more than happy to walk you through the process.😇🏡👍

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