What is the difference between an Appraisal and a Home Inspection?
A home inspection scrutinizes the condition of a home. A home appraisal not only considers the general and overall conditions of a property, but also takes into account other factors to determine the value of a home.
During an appraisal, a licensed appraiser analyzes location, a property’s features, comparable home sales, and more to determine the market value of a home. The process of assessing value is much more than simply using a cost per square foot. Learn more about that here.
A home inspection is much more comprehensive in examining just the property to determine its condition. A licensed inspector will probe into the current state, safety, and condition of the home — like the age of the roof, the safety of the electrical system, the state of the HVAC system, and just about anything else. These are typically used by home buyers to discuss and negotiate any potential issues or repairs with a seller before finalizing a transaction.
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