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Home inspector looking at a house

Real Estate Appraisal vs. Inspection: Here's What Homebuyers and Investors Need to Know

These are similar in many ways but are very different in others.

[Updated: Mar 04, 2021 ] Mar 06, 2020 by Matt Frankel, CFP

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Appraisals Inspections

• Take the property's condition into account but also consider location, lot characteristics, and the area's overall real estate market.

• Are conducted relatively quickly.

• Mainly serve to protect the lender.

• Focus exclusively on the property itself or a component of the property.

• Are much more thorough, generally taking several hours.

• Mainly serve to protect the buyer.

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