STEP 8: HOME INSPECTION AND APPRAISAL | First Time Home Buyer's Guide
So made to the offer process and one step closer to owning your first home! In this video, we'll be discussing the next steps in the process: The Home Inspection and Appraisal.
As the buyer, the while is not required, you have the right to get a home inspection. This is important to do because it will help you identify any potential problems with the home before making such a large purchase. It's also a good idea to be present during the inspection so that you can ask questions and get clarification about anything that you're unsure of.
It is always suggested that you get a home inspection even if the home appears to be in perfect condition. Keep in mind that you're making a large investment and it's better to be safe than sorry! It is also a great idea to add a home contingency to your contract. This means that if any major problems are found during the inspection, you as the buyer have the right to back out of the deal.
The home appraisal is another important step in the process and is often required by lenders. The purpose of an appraisal is to determine the value of the home you're interested in buying. This is done to help confirm that you're not overpaying for the property and to protect the lender's investment.
The appraiser will take into account things like the location, size, age, condition of the home, and recent sales of similar homes in the area. It's important to note that the appraisal value is not always the same as the purchase price.
Hopefully, this video has helped you understand a little more about the home inspection and appraisal process. These are both important steps to take when buying a home, so be sure to do your research and ask lots of questions!
If you have any questions or would like more information, please feel free to contact us. We're always happy to help! Please don't forget to like, comment, and subscribe to our channel for more great content. Thanks for watching!