What is the difference between a home inspection and an appraisal?
Quick answer: A home inspection evaluates the condition and safety of the home's systems for the buyer's benefit. An appraisal estimates the home's market value for the lender. They serve different purposes and are not interchangeable.
The appraiser works for the lender to confirm the home is worth the loan amount; the inspection is for you, the buyer, to understand what you are actually purchasing.
An appraisal is a brief value comparison; an inspection is a detailed, hours-long examination of roof, structure, electrical, plumbing and mechanical systems.
You generally want both: the appraisal satisfies the lender, the inspection protects you.
