Inspections

Both inspections and appraisals give important information to the buyer. Both are normally required by the lender. In most situations the inspection is more important to the buyer, as it concerns the physical condition of the home, where as the appraisal is simply an opinion of value.

Inspection
A professional building inspection will bring to light problems or repairs that are recommended to be made on the home. In the event that the inspection recommends one or more major repairs, parties can enter into re-negotiations on how the repairs are to be addressed.

Appraisal
An appraisal is an opinion of a property's monetary value as of a specific date usually completed at the request of the lender and for the lender's benefit. Appraisers consider numerous factors such as square footage, construction quality, design, floor plan, amenities, energy efficiency, lot size, topography, view and landscaping. Other issues taken into account are neighborhood quality and a property's proximity to transportation, shopping and schools.