Mortgage Monkey FAQs
Why do I need a home inspection AND an appraisal?
Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you’ve found the perfect home.
Home inspectors perform detailed inspections and can educate you about possible concerns or defects with the home. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home. This is normally done first to make sure everything checks out before you move forward with the appraisal.
The appraiser will determine the home’s fair market value based on the analysis of the property and recent sales in the area. They will make note of obvious interior or exterior damage that could impact the property.
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