What is the difference between an appraisal and a home inspection?
Monday, September 24, 2018
An appraiser evaluates the market value of a home, comparing it to similar recent sales nearby, and arriving at an opinion of the reasonable price of the home in the current market, while a home inspector analyzes the condition of the home, noting defects that require repair or replacement.
While an appraiser takes into consideration the overall condition of the home in preparing the appraisal, he or she does not scrutinize all the home’s components and report on them individually like a home inspector does. Conversely, although some home inspectors may offer cost estimates for necessary repairs, the overall value of the home is not addressed.
An appraisal is required to mortgage a home purchase, while a home inspection is recommended—but not required—by most lending institutions. Both home inspection and real estate appraisal are licensed professions in the State of Florida, under the Department of Business and Professional Regulation (DBPR), with education requirements and testing for licensing and continuing education necessary to maintain a license.
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