A home inspection and a home appraisal are two different processes that serve different purposes:
A home inspection is a comprehensive evaluation of the condition and functionality of a property’s major systems and components, including the roof, foundation, plumbing, electrical, heating and cooling systems, and more. It is typically performed when a buyer is interested in purchasing a property and wants to know its condition and any potential issues that need to be addressed.
A home appraisal, on the other hand, is an estimate of the market value of a property based on its features, condition, and location, among other factors. It is typically required by lenders to determine the collateral value of a property for loan purposes. An appraiser will generally take into account the same factors as an inspector, but the focus is on market value rather than a detailed evaluation of the property’s condition.
In summary, a home inspection is focused on identifying problems, while a home appraisal is focused on determining value.