Appraisal vs. Inspection

Learn the key differences between an appraisal and an inspection. An appraisal is a professional estimate of the home's value required by the lender to ensure the asset's worth. It provides a third-party opinion on the home's value. On the other hand, an inspection assesses the quality of the home's construction, identifying issues like leaky pipes or missing shingles. Unlike appraisals, inspections are not required by the lender but are crucial for your peace of mind. Conduct an inspection before making an offer to strengthen your purchase.

Key Takeaways:

• Appraisal: Required by the lender to determine the home's value.
• Inspection: Assesses the home's construction quality and identifies potential issues.
• Strategy: Conduct an inspection before making an offer to ensure a strong purchase.

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