The difference between home inspection and appraisal

You should consider having any home you are thinking of buying inspected by a knowledgeable and professional inspector.

The home inspector’s role is to inform you on the property’s condition. He will tell you if something is not functioning properly, needs to be changed or is unsafe.

You will also be informed of repairs that need to be done and they may even be able to tell you where there may have been problems in the past.

Download this pdf where I have listed the bear minimums that every inspection should include.

Having an independent appraisal done on a property before you make an offer is a good idea. It will tell you what the property is worth and help ensure that you are not paying too much.

I help my clients by providing them with a recognized appraisal done by an authorized lender compliant approved appraiser. This appraisal includes an unbiased assessment of the property’s physical and functional characteristics, an analysis of recent comparable sales and an assessment of current market conditions affecting the property.

So while the inspector will give his opinion on the structural integrity of the property and any detached buildings, the appraiser will use ratio’s and formula’s to come to an accurate value for the cost of the home.

Make note, a good home and property inspector or appraiser generally belongs to a provincial or industry association.

See the differences of Renting VS Buying your own home.