What is the difference between a home inspection and an appraisal?

They happen around the same time but answer different questions for different people.

A home inspection is for you. You choose and pay a professional home inspector to examine the property’s condition — roof, structure, plumbing, electrical, heating and cooling and more — and report what is worn, damaged or worth a closer look by a specialist. It does not put a value on the home.

An appraisal is for the lender. The lender orders it, you typically pay for it, and a licensed appraiser gives a written opinion of what the property is worth so the lender knows the home supports the loan amount. You are entitled to a copy.

An appraisal is not a condition report, and an inspection is not a valuation. Many buyers make their offer contingent on both, which keeps options open if the inspection reveals serious issues or the appraisal comes in below the agreed price. The Inspection vs Appraisal guide goes deeper.