What is the difference between a home inspection and an appraisal?
Updated: Feb 11
Purpose: A home inspection evaluates the condition of a property, while an appraisal determines its value.
Conducted by: Inspections are usually performed by a home inspector, appraisals by a licensed appraiser.
Factors considered: Inspections consider the property's physical condition, while appraisals consider the property's value based on recent sales of similar homes and market conditions.
Used for: Inspections are typically required for home purchases, appraisals for mortgage lending and property tax assessments.
