What is the Difference Between a Home Inspection and an Appraisal?
When you are buying or selling a home, you will need to have both a home inspection (a.k.a. residential property inspection) and an appraisal. While these services may seem similar, they are actually quite different.
Here is a look at the difference between home inspections and appraisals:
Residential Home Inspections
A home inspection is an examination of the condition of a home. A home inspector will look at the home’s structure, plumbing, electrical, heating and cooling, and other systems. The inspector will also look for any signs of pests or other damage. The home inspection is for the benefit of the buyer, and it can give them peace of mind knowing that the home they are buying is in good condition.
An appraisal is an opinion of value. An appraiser will look at the home’s location, size, features, and condition to determine how much the home is worth. The appraisal is for the benefit of the lender, and it will help them to determine how much money to lend to the buyer.
As you can see, home inspections and appraisals are two very different services! If you are buying or selling a home, be sure to have both an inspection and an appraisal done. And, be sure to call The Home Exam for your home inspection needs!