Here are the main differences between inspections and appraisals.
What’s the difference between an inspection and an appraisal?
A home inspection is done by a licensed home inspector, and they evaluate all the structural and mechanical functioning of the house. They’ll check everything on the outside and inside of the home. They’ll assess every light fixture, plumbing fixture, electrical outlet, all kitchen appliances, HVAC system, water heater, and crawl space. We’ll use the inspection report as the basis for repair requests when we want to ask the seller to fix things that aren’t functioning properly.
An appraisal is also done by a licensed professional, but it’s performed to determine the value of the property. The appraisal is done for the lender; the lender orders it, and the buyer pays for it. An appraiser will examine the inside and outside of the home, verify square footage, then pull comparable sales and make sure the home’s value matches the contract price. (If they don’t match, that’s a whole other discussion).
Our team is here to answer your questions about inspections, appraisals, or any other real estate matter. Please don’t hesitate to reach out via phone or email. We would love to help you.