What is the Difference Between a Home Inspection and a Home Appraisal?
“Home inspections are visual inspections.”
Today we are talking about the differences between home inspections and home appraisals, which is a question we’ve received a lot lately. A lot of sellers have asked me about this lately, and want to know how to differentiate between the two.
A home inspector will go over the home from top to bottom to see if there are any glaring defects that need to be addressed with the property. It’s primarily a visual inspection, so they will be looking for any minor cosmetic imperfections or any defects with the property that need to be addressed.
An appraisal is used by a mortgage lender to determine the value of a property. Depending on the type of appraisal, and what type of financing it’s for, you are going to have higher requirements for property condition. However, they won’t be as thorough as a full home inspection.
for who foots the bill, a home inspection is usually covered on behalf of the buyer to make sure nothing is wrong with the home, and the appraisal is on behalf of the lender, to make sure the amount they are lending is accurate.
If you have any questions about this topic or anything else related to real estate, don’t hesitate to reach out. We would love for you to give us a call or send us an email!
