A home appraisal and a home inspection are two distinct processes that serve different purposes when it comes to buying or selling a home.
A home appraisal is an evaluation of a home’s market value by a licensed and impartial professional. This process typically occurs when a homeowner is looking to refinance their mortgage or sell their home, and is used to determine the value of the property for lending purposes. The appraiser will consider factors such as the location, condition, and size of the property, as well as recent sales data in the area to determine the market value.
A home inspection, on the other hand, is a comprehensive evaluation of a home’s condition. This process typically occurs when a buyer is in the process of purchasing a home, and is used to identify any potential issues or problems with the property. The inspector will thoroughly examine the structure, roof, electrical, plumbing, and HVAC systems, as well as other elements of the property, to provide a detailed report of the home’s condition.
In conclusion, a home appraisal is focused on determining the market value of the property for lending purposes, while a home inspection is focused on identifying potential issues with the property’s condition.