What is the difference between an appraisal and a home inspection?
What Is A Home Appraisal?
According to the Appraisal Institute, the role of the home appraiser is to "provide a professional opinion, usually an estimate of market value, to be used in making real estate decisions." Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. An appraiser hired by a lender works in the best interest of their client, the lender.
What Is A Home Inspection?
A home inspection is an objective visual examination of the physical structure and systems of a house. Home inspectors are usually employed by the prospective homebuyer. A home inspector hired by a buyer works in the best interest of their client, the homebuyer.
A home inspection is conducted by a qualified inspector and they take a more detailed look at the physical structure and systems within a home from the roof to the foundation. The average time for a home inspection is approximately 2-3 hours, while an appraisal inspection is completed in a short time relevant to the home inspection.
According to the American Society of Home Inspectors (ASHI), a home inspection report will examine and review the condition of the home and the following items:
- The heating system
- Central air conditioning system (HVAC)
- Interior plumbing and electrical systems
- Roof, attic, and visible insulation
- Walls, ceilings, floors, windows, and doors
- Foundation, basement, and structural components
Remember, for your protection get a home inspection
Whether you are buying or selling a home, George Maynes will always work in your best interest while helping to make your real estate transactions as stress free as possible.
George Maynes and his team are excited to assist you in all of your real estate transactions. Please contact George Maynes for a FREE (no obligation) consultation if you plan to buy and/or sell a home. We will provide you with reliable advice so you can make informed decisions.
Prudential Fox & Roach, REALTORS®
2451 Fairmount Avenue, Philadelphia, PA 19130