What to know about home appraisals

Jane Kepley

Special to the Village News

Home appraisals often get confused with home inspections – and while both play an important role in the homebuying process, they aren’t very similar.

During an inspection (which is optional), the property’s systems and structure are evaluated. The inspector will highlight deficiencies, safety hazards or repairs that may need to be addressed before you buy the home.

Appraisers, on the other hand, assess the value of a home to ensure your loan amount is appropriate. If you’re paying for the house with a mortgage, this process is mandatory.

Here are some ot...