While looking for a property or any product, everyone looks for two essential things: the market value of the property and the situation/ state of the property/ product.
These things are referred to as Appraisal and Inspection. These terms might sound like synonyms and are used interchangeably many times, but apart from all the similarities, both have several differences.
Key Differences –
- An appraisal is a process of calculating the market value of a property/ product and of similar other properties/products. An Appraiser does the process of Appraisal.
- It is done after the Inspection of the property/ product.
- There are three types of appraisals: Home appraisals, Insurance Appraisals, and Appraisals for antiques.
- Inspection is the process of checking the state or situation of a property or a product.
- Inspectors do the process of Inspection.
- It is done before the Appraisals.
- There are two types of inspections, namely Visual Inspection, and Remote Inspection.
Comparison Between Appraisal And Inspection
|Meaning||An appraisal is a process of calculating the market value of a property or a product, or a service.||Inspection is the process of checking the situation or the state of the property or a product.|
|Done by||It is done by professional Appraisers.||It is done by professional Inspectors.|
|Serial Order||It is done after an Inspection.||It is done before an Appraisal.|
|Types||It is of three main types: Home Appraisal, Insurance Appraisal, and Antique Appraisal.||It is of mainly two types, namely Visual Inspection, and Remote Inspection.|
Major Differences Between Appraisal And Inspection
What exactly is Appraisal?
An appraisal is one of the essential parts of buying and selling, and mostly every individual wants to get it done. It is the process of calculating the market value of a property or a product.
It may also involve measuring the market value of other similar properties and products.
An appraisal is usually done post Inspection. This process is done by a professional reviewer who is an expert in this area. There are mainly three types of Appraisals: Home Appraisals, Insurance Appraisals, and Antiques Appraisals.
Benefits of Appraisal –
- It helps in correctly calculating the market value of a property or a product.
- It helps in knowing one’s property value and the value of other similar properties.
What exactly is Inspection?
Inspection is another most important part of buying and selling a property/ product/ service. It is the process of checking the state of a property or a product.
For example, in the Inspection of a home, the roof, walls, plumbing, electricity, etc., are reviewed. Likewise, in the Inspection of a product, the product’s condition, it is working, etc., are checked.
Inspection is done before Appraisal. This process is done by a professional inspector who specializes in this area. There are mainly two types of Inspections, namely, Remote Inspection and Visual Inspection.
Benefits of Inspection –
- It helps in knowing that your property/ product is up to the mark in all forms.
- If you want to resell, you have an idea about quality standards that would help you set the price.
Differences Between Appraisal And Inspection
- Appraisal – Appraisal is the process of calculating the market value of a property or product, or service.
- Inspection – Inspection is the process of checking the situation or the state of the property or a product.
- Appraisal – Appraisal is done to know the market value of a property or a product.
- Inspection – Inspection is done to know the condition of a property or a product.
- Appraisal – Appraisal is done by professional appraisers.
- Inspection – Inspection is done by professional inspectors.
Who are Appraisers and Inspectors?
An Appraiser is a professional executive who calculates the market values of numerous things such as Real Estate, Technological items, Jewellery, antique items, etc.
An Inspector is a professional executive who checks the situation or state of numerous things such as Real Estate, Technological items, Jewellery, antique items, etc., to see if they pass the quality check.
- Appraisal – Appraisal is done after the Inspection.
- Inspection – Inspection is done before the Appraisal.
- Appraisal – Mainly, Appraisal is of three types, namely Home Appraisal, Insurance Appraisals, and Antiques Appraisals.
- Inspection – Mainly, Inspection is of two types: Visual and Remote Inspection.
Types of Appraisals and Inspections –
Home Appraisal – Home Appraisals are those appraisals that calculate the value of a home. The market value of homes and similar properties is calculated when buying or selling.
Insurance Appraisals – When people get things insured, Insurance Companies conduct appraisals to know the absolute values of the insured goods. These types of Appraisals are known as Insurance Appraisals.
Antique Appraisals – Antique Appraisals are those appraisals conducted to determine antique goods’ market value.
Visual Inspection – Visual Inspection is the most common method of Inspection. In this type of Inspection, the properties and products are checked by the naked eye and live touch.
Remote Inspection – Remote Inspection is an Inspection where the Inspection is done through video and audio conferencing. In this type of Inspection, cameras are fitted to keep an eye on a product and are monitored in real-time.
Appraisals and Inspections are the most important things when buying or selling anything. These are even more important when doing a Real Estate deal. Appraisals are responsible for calculating the market value of a property or a product.
On the other hand, inspectors are responsible for conducting a quality check on a property or product.
Frequently Asked Questions (FAQs)
Q1. What are the benefits of Inspection?
When doing an Inspection on a property or a product, it helps to verify the quality and safety check of the product or property.
If the inspection results in the product being ok, you know you are safe. If the results are negative, you know you saved yourself from a mishappening.
Q2. What is the difference between Insurance Appraisals and Antiques Appraisals?
Insurance Appraisals deal with insured products to get an idea about their market value.
On the other hand, Antiques Appraisals deals with the goods that are antiques to get an idea about their current market value.
Q3. What is the difference between Visual Inspection and Remote Inspection?
Visual Inspection is done live on the field. The Inspectors check the property or a product with their eyes and hands.
Remote Inspection, on the other hand, is done by video and audio conferencing with the help of CCTVs. The inspectors keep a watch on the use of CCTVs.
Q4. What is the major difference between Appraisals and Inspections?
The major differences between Appraisals and Inspections are –
1. Appraisals calculate the market value of a property or a product, whereas Inspection checks the quality or situation of a property or a product.
2. Appraisals are done after Inspections, while Inspections are done before Appraisals.
3. People who perform Appraisals are known as Appraisers, whereas the people who perform Inspections are known as Inspectors.
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