Does A Michigan Home Inspection Affect The Appraisal?
Home inspections and appraisals can often be confused as they both involve a professional evaluating a home. However, they serve distinct purposes and do not affect one another.
Michigan Home Inspections
Understanding the differences between home inspections and appraisals is important for any home buyer or seller. A home inspection is a visual examination of the home and not meant to be exhaustive in any one area. A home inspector will generally inspect the foundation, roof, heating, air conditioning, plumbing, electrical, and other aspects of the home.
The goal of the home inspection is to identify any potential issues with the home that may need to be addressed before closing. Home inspections are typically conducted by a qualified inspector and cost several hundred dollars.
Michigan Home Appraisal
An appraisal is performed by a professional in order to determine the value of a home. An appraiser will conduct an inspection of the home and compare it to similar homes in the area.
The appraiser will also examine the condition of the home and any upgrades or improvements that have been made. The purpose of an appraisal is to provide an accurate estimate of the home’s value, which is typically used to determine the amount of money a lender is willing to provide for a mortgage.
Appraisals are typically conducted by a qualified appraiser and cost several hundred dollars. It is important to note that home inspections and appraisals do not affect one another.
Home inspections are conducted to identify any potential issues with the home, while appraisals are conducted to provide an estimate of the home’s value. Therefore, the results of a home inspection will not impact the results of an appraisal.
However, it is important to keep in mind that the results of a home inspection may influence the amount of money a lender is willing to provide for a mortgage. If the home inspection identifies major issues with the home, the lender may require additional funds to cover the cost of repairs or may not be willing to provide a mortgage at all.
In addition, if the home inspection identifies any safety issues, the lender may require them to be fixed before they will provide a mortgage. Overall, home inspections and appraisals serve distinct purposes and do not affect one another.
Home inspections are conducted to identify potential issues with the home, while appraisals are conducted to provide an estimate of the home’s value. Therefore, the results of a home inspection will not impact the results of an appraisal. However, the results of a home inspection may influence the amount of money a lender is willing to provide for a mortgage. For this reason, it is important for home buyers and sellers to understand the differences between home inspections and appraisals.