Michigan first-time buyer guide
Home Inspection vs. Appraisal
Two different reviews protect different interests.
Inspection
A buyer-selected inspector evaluates visible systems and conditions to help the buyer make an informed decision. Scope and protections depend on the contract and inspector.
Appraisal
An appraisal, when required, supports the lender’s collateral analysis and may identify property conditions relevant to the program. It is not a substitute for an inspection.
Contract deadlines
Inspection, appraisal and financing contingencies may have strict dates. Discuss them with the real estate professional and understand what rights may expire.
Budget beyond closing
Use inspection findings to think about maintenance and repairs, even when items are not lender-required. A home can meet loan requirements and still need future work.
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