WHAT IS THE DIFFERENCE BETWEEN AN APPRAISAL AND AN INSPECTION?
An appraisal is an unbiased estimate of market value made by a qualified Appraiser, based on “observable” conditions. Appraisers are skilled in accurately interrupting what typical buyers would pay for a particular property and its amenities. A home inspection made by a qualified Home Inspector gives the buyer a detailed physical evaluation of the overall condition of the home and items that need to be repaired or replaced. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
- evaluate the physical condition: structure, construction, and mechanical systems
- identify items that need to be repaired or replaced
- estimate the remaining useful life of the major systems, equipment, structure, and finishes
While Home Inspectors can provide cost to replace or repair estimates, they do not estimate market value.