11/12/2022
Is there a difference between an inspection and an appraisal? Yes, and this is why you need both💯
An appraisal is a third-party report written by a professional appraiser that is meant to inform you and your mortgage lender on the monetary value of the property you are looking at buying. Appraisals help make sure all parties in a real estate transaction get a current, accurate, and fair value for the property.
Inspections, on the other hand, are done by a home inspector to report on any issues that could spell trouble for the buyer down the road, such as a cracked foundation, leaking roof, mold and water damage, evidence of a pest infestation, building code violations, and poorly installed plumbing and electrical equipment.
A home inspection can save you thousands of dollars in the long run, while an appraisal is almost always required if you are looking to secure financing from a mortgage lender. Having both will give you a complete picture of the property, without having to only rely on the word of the seller and their realtor.
