Inspection vs. Appraisal
The Difference Between Inspections and Appraisals
A typical home inspection is a visual check of all the accessible components of a house. The check is preferably done by a professional whose training and experience allows a competent, timely, and complete assessment of the current condition of the structure and systems.
Home inspections are not meant to point out every small irregularity or flaw – a non-professional can easily detect these obvious defects.
The home inspection should not be confused with a real estate appraisal, which evaluates the worth of the property based on comparable sales in the area, and establishes a specific value that is typically used by lenders for establishing loans.
A home inspection does not include “insurance coverage” nor does it provide any type of “warranty”. Warranties are generally supplied by manufacturers, and various types of insurance can be purchased to protect from unforeseen problems.