The best case scenario for a home purchase involves a comprehensive inspection as well as appraisal, both conducted by experienced professionals. Buyers can usually decide whether or not to have an inspection conducted on a home, but appraisals are almost always required by lenders. Just because inspections are optional, however, does not mean that this important step should be skipped.
Why are both so important? Buyers need to make sure that they are purchasing a home that is free from major defects or potential problems that will need to be addressed in the near future, but they also need to make sure that the home they buy is worth what they are paying. After all, a home can be free from major defects yet not worth the amount it is being offered for on the real estate market. It is also important to note that it is not enough to rely on an FHA or VA inspection because these inspections are only to look for items required for regulations specific to these organizations, and not comprehensive to cover everything.
Although appraisals versus home inspections are very different, both are quite important when purchasing a home. Even if a home is brand new, both an inspection and appraisal should be conducted. Find out how much a home is worth by commissioning an appraisal and find out if a home is free from major flaws and defects that have not been disclosed by the seller by commissioning an inspection. The two are different, but equally important.