What are home appraisals and home inspections?

What  are home appraisals and home inspections?

In general, a home appraiser determines the value of a property and a home inspector determines the condition of a structure. While appraisals are primarily for lenders, they also ensure that buyers don’t overpay for a property. Home inspections are for buyers.

A home appraisal includes details about the house, a description of the neighborhood and side-by-side comparisons of similar properties. It also contains an evaluation of the area’s real estate market, notations of major problems with the property that will affect its value and an estimate of the expected time it will take to sell the property. You should have your lender order the appraisal, and you are entitled by law to get a copy of it.

A home inspection is an evaluation of a home’s condition that may identify improper building practices or the need for major repairs, as well as fire, safety and health hazards. You should always include an inspection contingency in your purchase offer. The information will help you determine how much you’re willing to pay for a home, what repairs will be necessary and whether or not you want to walk away from the deal.

If you have any questions, or need capable and trustworthy representation, please call me at 230-1234.

About the Author

Brandon Lau grew up in Kailua and currently resides in Honolulu with his wife Andee and children Caylah, Elijah, and David. His eighteen years in real estate led him to become a Partner at ChaneyBrooks Choice Advisors. Over the past 10 years he has developed the team and systems that has created a high level of service and value for his clients.

What differentiates Brandon and his team is his consultative approach to real estate. He advises clients with relevant data and expert insight to help them make the best choices in real estate. Good choices in planning for long term dispositions, negotiating for the best price or knowing when not to pursue an investment are ways his consultative services will give you an advantage in the marketplace. His bottom line is providing service with the utmost integrity and expertise.