One of the most common myths surrounding a real estate transaction is that the home inspection and home appraisal are one and the same. The truth is there are some key differences between home appraisals and home inspections during the buying and selling process. Trident Inspection Group provides valuable information through our home inspections that will help you make one of the most important decisions of your life. Now, let’s take a look at the main differences between an appraisal and an inspection so that you know what to expect – and what not to expect – from your next home inspection.
The main purpose of a home appraisal is to determine the value of a property. The main purpose of a home inspection is to identify any potential defects or issues with the property. At the conclusion of a home inspection, you must decide if the asking price is worth it to you, based on the findings and potential need for repairs.
A home appraisal is typically performed by a licensed appraiser who is trained to assess the value of a property based on various factors such as location, size, age, condition, and comparable sales in the area. A home inspection is usually performed by a licensed home inspector who is trained to identify any potential issues with the property's systems, structures, and other components.
In most cases, the borrower pays for the home appraisal as part of the mortgage process. The buyer usually pays for the home inspection, although in some cases the seller may agree to pay for it as part of the sale.
A home appraisal is typically limited to a visual inspection of the property's exterior and interior, as well as a review of comparable sales in the area. A home inspection is normally much more comprehensive, covering all major systems and components of the property, including the roof, foundation, electrical and plumbing systems, heating and cooling systems, and more. You will usually see an appraisal performed after an offer has been accepted on a property, while a home inspection is typically performed before an offer is made.
Basically, a home appraisal and a home inspection are two different processes performed by different professionals and serve a purpose for both the buyer and seller. Trident Inspection Group offers a menu of inspection services in addition to our home inspections, such as commercial inspections, sewer inspections, indoor air quality testing, and more. Contact us at (714) 332-6689 to request a quote or schedule your inspection. We serve customers throughout Orange County and the surrounding areas of California including Los Angeles, Riverside, Anaheim, Mission Viejo, and Irvine.
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