What is the difference between an inspection and an appraisal? Even those experienced in buying and selling real estate sometimes get confused about the differences between these two similar services. There are some overlaps in the things they check, but each of these assessments has a different purpose.
Most buyers need to get a home inspection done on the house they’re considering, and it is usually at their expense. The inspector is there to evaluate every component of the house—everything from the roof to the foundation. For example, when assessing the roof, they’re going to examine the age and integrity of the shingles, roof boots, flashing, gutters, etc. On the inside of the home, they’ll look at things like the heat and air units, appliances, electrical outlets, plumbing, and more.
The major difference between these two evaluations is that the appraiser determines the property’s value in the current market.
During an appraisal, an appraiser is there to analyze some safety issues, the approximate age of the roof, and the major components of the house, such as the water heater and heat and air units, to ensure they’re in working order. Depending on the loan the buyer is getting, there are different restrictions and guidelines that the appraiser has to follow. For example, the lender may require that there are GFCI outlets in the kitchen and bathrooms.
The major difference between these two evaluations is that the appraiser determines the property’s value in the current market.
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