INDUSTRY INSIGHTS

Regularly updated articles to give you expert advice on your homeownership journey.

Why do you need a home appraisal and an inspection?

Although an appraiser and a home inspector may appear to be looking at the same areas of a property, they are evaluating it for several reasons. Knowing the differences between an appraisal and an inspection is important, as they each complete very separate tasks.

THE REAL ESTATE APPRAISAL

A real estate appraisal is a detailed report into the monetary value of a home. An appraiser will indeed carry out a home inspection, though it's far less thorough than that carried out by a home inspector. This is because they're essentially looking for different things. Typically, an appraiser will visit the home for 30 minutes or so, checking numerous elements around the place, including the plumbing system, potential structural damage, square footage, number of bedrooms, etc. They compare their findings to the information on the property records to ensure it's all up-to-date. This is just the first step carried out by an appraiser, who will then compare similar property prices in the area and neighborhood factors in order to make an accurate estimate of the true value of the property,

THE HOME INSPECTION

Home inspectors will take a more thorough look at the property, taking into consideration areas such as the roof, overall structural integrity, plumbing and electrical systems, drainage foundations and even appliances. Their role is to inform the buyer of the condition of the property and highlight any defects and necessary repairs. Using the home inspector's report, the buyer can make a decision based on their findings, as to whether or not to continue the purchase, request repairs or lower their offer. A home inspection is not mandatory, but it's in the best interest of the buyer to have one. In this way, they're more informed as to the true condition of the property and don't have to take the seller's word for it.

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