Home Appraisal, Surveying, and Inspection Are Important
are plenty of excuses for first time home buyers to skip the appraisal, survey
and home inspection, and all those reasons are in the form of budget
constraints. But keep in mind that all three of these services can save you
time, money and heartache in the long run. To fully understand, take a look at
what the home buyer will get for the money and how it can help you get great
loan options and a great home. Having availed of these three steps is not bad
are looking for a first time home buyer home loan, as an example, you
may be having some trouble with the entire process. You have probably seen
advertisements for low loan rates, but when you become the home buyer, you may
have been surprised by the rates and terms of loans you have been offered.
Having an appraisal can help assure the lender that the property is worth the
amount you're borrowing and that their loan is secure.
home buyers confuse the appraisal, survey and home inspection. An appraisal is
an expert's opinion on the fair market value of a piece of property, home,
building or combination of these. It's defined as the amount a "willing
buyer would pay a willing seller" for that property on the open market.
While the property may be worth much more than that to you as a home buyer for
some specific reason (it's next door to your mother, has wheelchair accessibility
or is simply your dream home), that's not what determines an appraised value.
are looking at a particular first time home buyer program, a home inspection
may be required. The appraiser will make an inspection of the home and
property, but remember that appraisers are generally not trained in home
inspection. The appraiser will typically note that he assumes all mechanical
systems to be in good working condition. A home inspector will crawl under the
house, examine electrical wiring and look for problems and potential problems.
After the home inspection, the home buyer will know if there are things that
need to be fixed and you could even have some ideas of what repairs will be
needed in the near future. Many first time home buyer grants also require both
home inspections and appraisals.
survey is done by a licensed professional and his goal is to assure the home
buyer and lender that the property exists as it's described. A survey may not
be required in an urban area because boundaries are typically very small and
are usually well established. But in rural areas and especially with large
tracts of land, surveys are very important. Most people can't tell the
difference between 10 acres and 12 just by looking, but a surveyor can
determine that the property lines are where the descriptions indicate and that
the amount of property actually available is consistent with what the home
buyer is paying for. This can also indicate when there are encroachments -
other buildings, fences, etc. that are on the property but shouldn't be there.
time home buyers may be thinking that the requirements like appraisals,
surveys, and inspections make the process less than appealing. But keep in mind
that this is a big financial investment and the biggest most people will ever
make and going through all the right process will make all decisions easier.
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