A property inspection is not the same as an appraisal. Property inspections are more concerned with the integrity of a structure and if it’s following code. An appraisal considers anything that can affect property value like lot size, crime rates, or how the property compares to other homes in the neighborhood.
Inspection vs. appraisal:
- They look for different things
- Both are usually required
- Inspection is done before appraisal
- Appraisals focus on property value
- Inspectors focus on repairs, safety, and structure
Property inspections and appraisals also share some similarities. They both identify issues within and around a home, help establish a home’s worth, and are third-party services with nothing to gain from a transaction. You should always have a property inspection and appraisal before buying or selling a home.