As the buyer of a home, you have the right to know what you are getting. This is a huge purchase that takes months of preparation and negotiating. You don’t want to rush into a purchase only to discover that there are problems with the home.
Getting the home professionally appraised and inspected will help:
Make Sure The Home Is Up To Code
A home inspection is an important part of the home buying process, as it will help determine if there are issues with the home that needs to be fixed. Areas include:
- Doors
- Windows
- Foundation
- Roof
- Electric
- Plumbing
Determine The Home’s Fair Market Price
Is that home really worth what the sellers are asking for? Getting the home appraised by a professional appraiser will provide you with a reliable assessment of the home’s fair market value. This is the price that a home would sell for on the open market.
Also, look at the prices of the surrounding home. If this house is being sold for more than its neighbors, it could be a sign of overpricing. While that may not always be the case, it’s always good to doublecheck.
Catch Environmental Hazards
No one wants a home with environmental hazards such as radon, asbestos, and mold. Get a professional environmental inspection of the property to look for hazards such as these. If problems are found, you can work with the buyer to get it remediated, or move on altogether.
Allow Lenders To Legally Issue A Loan
Legally, lenders need an appraisal of the home in order to issue a loan. If you purchase a home and the loan is for more than what the home is worth, you will risk going underwater. Lenders have to know that their (and your) investment is safe.