5 Questions to Ask Your Home Inspector
1. What is the condition of the roof?
Before purchasing a home, it is smart to ask the inspector about the condition and age of the roof. The seller of the home may know the roof’s age, but it is still important to understand the life expectancy of the roof. The life span of a roof can range from 15-30 years, depending on the type of shingle used. Often the life useful life of a roof is shorter than the expected number of years. This is due to weather, accidents, etc. harming the shingles. The inspector will be able to estimate the actual remaining life...
A real estate appraisal is the process through which an appraiser determines the current fair market value of the subject property. The Uniform Standards of Professional Appraisal Practice (USPAP) sets forth the procedures and ethical standards to be followed by appraisers. “The appraiser investigates the characteristics of the subject property that might impact the property’s value. The appraiser also investigates the nature of the market for that property, competitive properties, and the buyers and sellers who constitute the market for that property type. The principles of supply and demand, substitution, balance and externalities help explain shifts in value.” (appraisalinstitute.org)
I am buying a home. When do I order an appraisal? Once most or all of the contract contingencies (like the inspection period) are dropped, the lender will order an appraisal of the property. This will be at the cost of the buyer and is around...
