Is A Home Inspection And Appraisal The Same Thing?

Home Inspection vs Home Appraisals—The Difference Between Both

Are you buying a new home and coming across different processes and terms that are mind-boggling for you? Don’t worry; you aren’t the only one. Thousands of homeowners go through a similar process each year. The home buying process is very taxing; it is believed to cause stress to elevate to the level experienced during a heart attack; shocking but true!

So if you are buying your first home, you may not be familiar with the tremendous amount of processes you will go through. Along with these, you will see a lot of professionals from different walks of life. The good news is that these professionals, if chosen wisely, will make the home buying process a breeze for you.

This article will focus on two of the most common things homeowners mistake for the other and get confused about.; the process of appraisal and a home inspection. Let’s first learn the difference between an appraisal and a home inspection. There are similarities in both; the fact that both are done by professionals who assess your home is one. What they evaluate your home for is a different ball game altogether.

What Is A Home Inspection?

A home inspection in Wilmington, DE, is a way for homebuyers to ensure that they are getting the most value for their money and buying a safe and structurally sound home. Inspection is designed to evaluate the structural and functional components of a home. It is essential to have a home inspection performed before you buy or sell a new home.

A home inspection is done by professional checks for 1600 items in a home, including all the major components of the house, including walls, floors, ceilings, plumbing, and electrical systems, heating and cooling systems, attic spaces, and more. Inspectors look for problems with functionality, such as whether there is enough power for your appliances, in addition to checking for structural issues, such as cracks in walls or leaks in the plumbing system. Sometimes, they may also check for signs of pest infestations like termites or rodents.

Buyers, lenders, and homeowners use home inspections to assess the condition of a property. A licensed Home Inspector can do a home inspection in Wilmington, DE. It takes 1-2 hours to conduct a home inspection.

Cost OF An Inspection

An inspection is a cost-effective way to determine if your home requires repair. It’s not only a good investment for the future but also for your peace of mind. To find out how much a general inspection will cost, you should look into factors like the size of the home, the age of the house, and other related factors. However, it’s important to note that some inspections are more thorough than others. If you’re looking to hire an inspector who will thoroughly check your home for structural issues or water leaks, you’ll likely have to pay more than $300-$500.

What Is An Appraisal?

An appraisal is a valuation of a property. An appraisal focuses on the home’s value, determined by analyzing its sales history and comparable properties, as well as its condition and location. You need appraisals to determine the property’s fair market value. Mortgage lenders require an appraisal before they approve a loan for an individual or family.

Another reason mortgage lenders require home appraisals is to ensure their investments are safe. Real estate agents, mortgage lenders, banks, and other professionals in the real estate industry require appraisals to process the necessary documentation. If you have a home that needs an appraisal, it is best to get one done as soon as possible.

The appraisal process can be lengthy and time-consuming, so it’s always better to plan ahead.

How Much Does A Home Appraisal Cost?

We looked at some national averages to get an idea of the price range for a single-family home appraisal. A single-family home appraisal can range from $300 to $450. This number will usually be around $500 to $800 or more for large homes or properties. It’s important to note that these numbers are just estimates and that the cost for an appraisal can vary based on location, property size, and other factors.

FHA and VA Appraisal Inspections

The FHA is a US Federal Housing Administration that provides mortgage insurance on loans made in the United States. It is a government-sponsored enterprise whose purpose is to help people who cannot afford to buy or rent a home by providing them with low-interest loans or mortgage insurance.

This program allows a down payment as low as 3.5% while ensuring that the home will be safe for the borrower and their family. The goal of an FHA appraisal is not only to determine the value of the house a borrower wishes to purchase but also to provide support for people who have less-than-stellar credit and are trying to buy their first home. The FHA has set forth guidelines for appraisers and lenders to ensure these goals are met. They both have their requirements, but a home inspection in Wilmington, along with an appraisal, is a combined requirement to obtain these loans.

An appraisal determines the value and suitability of a property for sale or rent. An inspection can evaluate the quality and usefulness of materials, fixtures, appliances, etc., concerning how you expect them to perform when installed or built into a structure. In summary, An appraisal is not an inspection service and cannot provide a detailed report on the property’s condition.

Dryer Vent Safety

by Nick Gromicko, CMI® and Kenton Shepard
  
Clothes dryers evaporate the water from wet clothing by blowing hot air past them while they tumble inside a spinning drum. Heat is provided by an electrical heating element or gas burner. Some heavy garment loads can contain more than a gallon of water which, during the drying process, will become airborne water vapor and leave the dryer and home through an exhaust duct (more commonly known as a dryer vent).

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Reasons You Should Have A 4-Point Inspection

Home inspections in Wilmington DE are a crucial part of the real estate process. Inspections are used to find current problems in your home and to maintain them. Home inspections are carried out to uncover various issues that your current or prospective home may have. Home inspections are most popular among people looking to buy new homes. New homeowners want to ensure that the property they are about to invest hundreds of thousands of dollars in is free from any significant issues. Sellers may also have their properties inspected before selling a home. They have pre-listing inspections to determine if there are any minor repairs they can do to present the house in its best state. This ensures they receive the best deal for their sale.

Inspections have been categorized, and one of the most common inspections requested by homeowner insurance companies is the four-point inspection. A home inspection in Wilmington  is crucial before someone can ask for an insurance coverage plan. The four significant systems are inspected in a 4-point inspection. The first point is checking for roofing and walls. The second point is studying electrical wiring and appliances. The third point is inspecting the plumbing system, which includes pipes, fittings, and valves. And finally, the fourth point of inspection is checking the HVAC system, including ducts and registers.

Companies are hesitant to provide insurance for older homes. Homes older than 20 years may have issues with the house, which will result in the homeowners seeking reimbursement from the insurers. This costs the insurers a lot more in the long run. Insurers use the result from a four-point inspection in older homes to assess the risk they are in for. A house that is 25 years old is more prone to come up with electrical and plumbing issues for which homeowners seek reimbursement. This money goes out of the insurance companies pockets, and they want to avoid this.

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Carpet Mold: Identification, Prevention and Removal

by Nick Gromicko, CMI®
 
The Dangers of Mold

Molds produce allergens, which are substances that can cause allergic reactions, as well as irritants and, in some cases, potentially toxic substances known as mycotoxins.  Inhaling or touching mold or mold spores may cause allergic reactions in sensitive individuals.  Allergic responses include hay fever-type symptoms, such as sneezing, runny nose, red eyes, and skin rash (dermatitis).  Allergic reactions to mold are common.  They can be immediate or delayed.  Molds can also cause asthma attacks in people with asthma who are allergic to mold.  In addition, mold exposure can irritate the eyes, skin, nose, throat and lungs of both mold-allergic and non-allergic people.  Symptoms other than the allergic and irritant types are not commonly reported as a result of inhaling mold, but can also occur.

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Hard Water

by Nick Gromicko, CMI® 
 
 
Water “hardness” refers to the level of minerals found in a home’s water supply.  Hard water results when an excessive amount of minerals, chiefly calcium and magnesium, are dissolved into water as it passes through soil and rock. The degree of hardness becomes greater as the mineral content increases. Hard water presents numerous mechanical and aesthetic problems in homes, but it is not Shower heads can become calcified as a result of hard waterconsidered a health hazard to humans.
 

Identifying Hard Water

The best way to determine whether or not a home has hard water is to have it tested. For homes served by municipal water systems, you can ask the water supplier about the hardness level of the water they deliver. Private water supplies can be tested for hardness. However, hard water (especially if it is excessively hard) can be detected by inspectors and their clients through the negative effects it has on a home. The most common problems associated with hard water are:

  • poor washing machine performance. Clothes washed in hard water often look dingy and feel scratchy or stiff. Continuous laundering in hard water can damage fibers and shorten the lifespan of clothes;
  • a mineral ring around the tip of a faucet or in a toilet bowl;
  • unsightly, whitish scale deposits in pipes, water heaters, tea kettles, pots, silverware and dishes;
  • calcification of taps and shower- heads;
  • inefficient and costly operation of water-using appliances. Pipes can become clogged with scale that reduces water flow, ultimately requiring pipe replacement. Crystalline deposits (limescale) have been known to increase energy bills considerably;
  • soap curd and scum in washbasins and bathtubs. Bathing with soap in hard water leaves a film of sticky soap curd on the skin, which may prevent removal of soil and bacteria. Soap curd on hair may make it dull, lifeless and difficult to manage. Soap curd also interferes with the return of skin to its normal, slightly acid condition, and may lead to irritation; and
  • limescale in solar heating systems. Solar heating, often used to heat swimming pools, is prone to limescale buildup, which can reduce the efficiency of the electronic pump.

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A 4-Point Inspection System Explained

A 4-point inspection is an examination of the current condition of a house. It examines four effective systems: roof, plumbing, and electrical systems. Electrical, plumbing, and roof inspections are typically done as a home purchase or sale.

An inspection need not be done in the buyer’s market but is recommended by professionals to better understand your home’s condition before deciding whether you should buy or sell it. An inspection can give you peace of mind that your house will provide what it promises; comfort, security,, and value for years to come. (more…)

Home Safety for the Elderly

Each year, according to estimates by the U.S. Consumer Product Safety Commission (CPSC), nearly 1 million people over age 65 are treated in hospital emergency rooms for injuries associated with the products they live with and use everyday. The death rate from accidental injuries in the home is approximately three times greater for older people than for the younger population.  Specifically, there are 60 deaths per 100,000 persons 65 and older, while there are 20 deaths per 100,000 persons under 65.

Slips and falls are the main cause of injury for older people in the home. The CPSC recommends the use of grab-bars and non-slip mats in the bathtub, handrails on both sides of the stairs, and slip-resistant carpets and rugs. Burns occur from hot tap water and from open flame. The CPSC recommends that consumers turn down the temperature of their water heater to 120 degrees Fahrenheit to help prevent scalds. The CPSC also recommends the installation and maintenance of at least one smoke detector on every floor of the home. Older consumers should consider purchasing nightwear that is flame-resistant and choose garments made of tightly woven fabrics, such as 100% polyester, 100% nylon or 100% wool.

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Buying a Foreclosure

by Nick Gromicko, CMI®
 
Purchasing foreclosed homes in desirable areas at below-market values can be a sound investment strategy. Appreciation on their original prices may be tax-free.  Buying foreclosed rental properties can provide positive cash flow, as well as valuable tax deductions. On the other hand, buying a foreclosure involves homework, patience, and a certain amount of luck. For those wishing to get a bargain house through the foreclosure process, it’s best to learn the basics.Foreclosed homes are often sold at auction

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Aluminum Wiring

Between approximately 1965 and 1973, single-strand (solid) aluminum wiring was sometimes substituted for copper branch-circuit wiring in residential electrical systemsAluminum and copper wiring, with each metal clearly identifiable by its color due to the sudden escalating price of copper. After a decade of use by homeowners and electricians, inherent weaknesses were discovered in the metal that lead to its disuse as a branch wiring material. Aluminum will become defective faster than copper due to certain qualities inherent in the metal. Neglected connections in outlets, switches and light fixtures containing aluminum wiring become increasingly dangerous over time. Poor connections cause wiring to overheat, creating a potential fire hazard. In addition, the presence of single-strand aluminum wiring may void a home’s insurance policies. Inspectors may instruct their clients to talk with their insurance agents about whether the presence of aluminum wiring in their home is a hazard, a defect, and a problem that requires changes to their policy language.
According to the InterNACHI Home Inspection Standards of Practice, a home inspector is required to report upon single-strand, solid conductor aluminum branch-circuit wiring, if observed by the home inspector. 

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Burglar-Resistant Homes

by Nick Gromicko, CMI® and Kenton Shepard

There are a number of measures that homeowners can take to ensure that their homes are not attractive to burglars. If clients are concerned about break-ins, inspectors can pass on to them basic strategies for burglar-proofing their homes.

Some interesting statistics concerning break-ins in the United States:

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  • InterNACHI estimates that theft makes up more than three-quarters of all reported crime.
  • In 2005, law enforcement agencies reported more than 2 million burglary offenses.

According to a survey, burglars enter homes through the following locations:

  • 81% enter through the first floor;
  • 34% of burglars enter through the front door;
  • 23% enter through a first-floor window;
  • 22% enter through the back door
  • 9% enter through the garage;
  • 4% enter through the basement;
  • 4% enter through an unlocked entrance;
  • 2% enter through a storage area; and
  • 2% enter anywhere on the second floor.

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AmeriSpec Inspection Services Delaware
AmeriSpec Inspection Services Delaware
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Claude Blanc
Claude Blanc
2022-09-21
Very thorough and professional.
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James Yost
James Yost
2022-09-12
I’m a realtor and I’ve used Ameri Specht 4x in the last year. Always very attentive and professional. This Friday 2-11-22, I had Bob Matthew’s and he did a superior job. Thank you
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Sean Raniszewski
Sean Raniszewski
2022-09-10
Very thorough inspection with an excellent report and great communication throughout the process.
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Cassidy Teagle
Cassidy Teagle
2022-07-20
Thorough and meticulous. He knew to look for things we didn’t even know about.
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Marcia Jack
2022-06-29
Professional and thorough services!!
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