Before you buy a property in Toronto, you are likely to encounter the services of ‘inspectors’ and ‘appraisers.’ These terms are often used interchangeably, but they are not the same. Inspectors and appraisers have individual roles to fulfill, serving different purposes. It makes sense to understand how they differ and when you will need one—or both.
How are they Different?
Both inspection and appraisal services in Toronto will require an expert, and they are both important if you are buying property. The difference between these two services is on their focus. Appraisers look at the value of the property, while the inspectors look at the condition of the property.
What is a Home Appraisal?
In real estate, an appraisal is the detailed report of the home’s monetary value. Appraisers will conduct an inspection, although it will be less thorough than what an actual inspector would do. That is because they focus on different aspects of the property. Appraisal services vary in duration depending on the property type, in which the appraiser will explore an array of elements of the property, such as the number of bedrooms, square footage, potential deficiencies, and upgrades. Appraisers in Toronto will compare similar prices of properties in the neighbourhood and area to determine an accurate estimate of the property’s true value.
What is a Home Inspection?
Inspectors do a more thorough examination in and around the property. They cover all critical areas, including the overall structural integrity, drainage, appliances, foundations, electrical and plumbing systems, and roofing. Where appraisal services determine the value of the property, inspectors are tasked to determine the property’s overall condition by highlighting the defects and the repairs necessary to correct them.
With an inspector’s report, property buyers can make informed decisions about the purchase. An inspection may not be mandatory, but it is in your best interest to have one conducted so you know exactly what you are getting.
Before going to a lender, consider getting a home appraised by an expert. If you are purchasing a property, have it inspected by a professional to understand the pros and cons of investing in it.