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Real Estate Appraisal & Home Inspection

Start a New Career as a Real Estate Appraiser or Home Inspector

For almost every mortgage written in the US, the bank or mortgage company requires both an appraisal and a home inspection.

Any buyer of real estate, commercial or residential, should have a property inspection as a matter of course. It could save thousands.

Real estate appraisal and home inspection are two different things. Appraisers generally do a cursory inspection of the property and then try to set a value on a piece of property by researching what similar properties in similar condition in similar neighborhoods sold for in the recent past. The bank will generally limit the mortgage amount to a percentage of the appraised price.

Appraisers are also used by municipalities to set property tax rates, especially when there’s going to be a general reassessment.

Home inspectors are generally hired by the buyer of real estate, but the bank most likely will require the inspection. The inspector’s job is to do a thorough investigation of the condition of the property, whether systems such as heat and plumbing work properly, that there are no structural defects, that the roof doesn’t leak etc.

Real estate appraisers and inspectors might have to be licensed, depending on the jurisdiction, and there can be liability issues, especially for inspectors.

Of the two, inspectors have to be more energetic and probably need some background in engineering or construction. An inspector will be required to climb ladders, crawl under floor spaces and generally get to know the structure really well.

You can take a full course to learn to be a real estate appraiser or real estate property inspector. For more information, visit Nemmar. This site offers courses in real estate appraisal and home inspection as well as materials for real estate investors and those who simply want to stay on top of the condition of their house. They sell many highly rated books and videos for that very purpose.

Conclusion

Real estate appraisal might be a good second career, especially if you like to do research, most of which might not yet be on computer. It is not as physically demanding as home inspection and doesn’t involve the degree of liability that home inspection does.

Check with banks and realtors where you live. You’ll probably find that a lot of appraisers are independent contractors and usually solo practitioners. Try to find out what the going rate for appraisals is and then make the determination if this is something you’re interested in.

Home inspection is a totally different animal. It is both exciting and physically demanding. While I am sure you can learn everything you know from the course referred to above, it’s probably better if you already have some familiarity with engineering or construction.

Inspectors can charge more for their services, but one of the reasons for this is the liability question. You will need good insurance coverage, because if miss the termite damage or structural cracks, somebody will be looking for recompense from you.

Again check with realtors and bankers (or even call a few inspectors yourself) to see what the going rate is. Then make the determination if this is a business for you.

Here are some other business opportunities to consider.

Affiliate Selling from Your Own Website
Earn commissions pre-selling goods for other merchants, such as Amazon or Sharper Image.

Make Decorative Art Stamps
For those with artistic talent and knowledge of computer graphics. Tap into the crafts market by making quality original decorative stamps.

Drop Shipping
Using mail order, online auctions, virtual stores or your won website, sell products that will be shipped directly to your customer in your name by the wholesaler.

Glass Etching
Purchase kits that allow you to make beautiful etched glass pieces.

Self Publishing
Share your knowledge and experience with the world. Information products are some of the biggest sellers on the Internet.

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