An appraisal and an inspection are two distinct processes related to evaluating a home, but they serve different purposes:
Appraisal: An appraisal is an assessment conducted by a qualified appraiser to determine the market value of a property. The appraiser considers various factors such as the property's location, size, condition, recent comparable sales, and other relevant market data. The primary goal of an appraisal is to provide an unbiased estimate of the property's value for the purpose of determining the loan amount a lender will provide.
Inspection: A home inspection is a comprehensive examination of a property's condition performed by a licensed home inspector. The inspector evaluates the home's structural elements, mechanical systems, electrical systems, plumbing, and other visible features. The purpose of a home inspection is to identify any existing or potential issues or defects in the property, allowing the buyer to make an informed decision about the purchase and negotiate repairs or price adjustments if necessary.
In summary, an appraisal focuses on determining the market value of a property, while a home inspection focuses on identifying any issues or concerns with the home's condition.
