Can Inspections Affect the House Value?
The short answer would be “Yes, they can”, but do not count on it too much.
As we were saying, the role of the home inspection is to protect the buyer from inheriting major issues along with his purchase. Home appraisal, on the other hand, makes sure that a lender does not pay more than he has to.
During the appraisal, the specialist determines the market value of the house basing on its square footage, the number of rooms, bathrooms, size of the outside territory and the garage.
He is interested in analytic data and makes his summary basing on complex mathematical calculations. Home inspections, as we already know, focus on home conditions.
If those conditions are not obvious, the home appraiser will not consider them.
For example, tilted facade and moldy basements are highly noticeable, and will be reflected in the appraisal, but squeaky doors and inside water pipes will not.
Some mortgage guarantors require home inspection along with the appraisal, as they have specific requirements towards what should and should not be in the house.
A property that possesses any of the red flags cannot be approved until all of them are eliminated. But in most cases, home appraisal cannot vaguely influence the home value. If inspections are made properly, you will be able to know your future house’s exact conditions.
Make certain that you have a trustworthy and reliable home inspector on your side, essentially, the whole deal now depends on him. Do not panic if you find a lot of written issues in his report, and do not take it too lightly as well. All you need to do is to read it carefully, then give it a good thought.
At the end of the day, some of the written problems may appear minor or cheap and easy to fix, some of them will not matter, as you are probably going to make some renovations, and some will not matter as much as for you to refuse to buy the house of your dreams.
Now is the time to be in the market, whether you are selling or buying, the deals are here and for sellers, this is a great time to attract buyers. The rates for buyers are at historic lows and there is demand in our market. If you are a seller, you don't want to wait until interest rates go back up pushing more buyers out of the market.
Please feel free to contact me for a free report and evaluation for your property, neighborhood or project.
TN Real Estate - Steve Manley of EXIT Realty Music City
Our Team is part of Exit Realty in and around Franklin, Spring Hill and Columbia, Tennessee. We are a dedicated group of talented agents specializing in all aspects of Real Estate from Land/Lots to Estate homes. Our Team can help you Sell your home or help you find the right home in Williamson County and the surrounding Nashville area. Please don't hesitate to call one of our talented agents: we won't let you down. (615) 538-7490.