Summary of Difference
In summary, a home inspection is focused on evaluating the physical condition of the property, while an appraisal is focused on determining its market value.
Both processes are important for buyers to understand the condition and value of a property before making a purchase.
The cost of a home inspection and an appraisal can vary depending on several factors, including the location of the property, the size of the property, and the complexity of the inspection or appraisal.
Home Inspection vs. Appraisal Costs
For a home inspection, the cost can range from a few hundred dollars to around a thousand dollars, with the average cost in Canada being around $350 to $500.
However, the cost can vary based on the size of the property, the age of the property, and the type of inspection requested (for example, a specialized inspection for mold, radon, or termites may cost extra).
For an appraisal, the cost can range from $300 to $600 or more, depending on the location of the property, the complexity of the appraisal, and the appraiser’s experience and qualifications.
Conclusions and Further Thoughts
It’s important to note that the cost of these services may be negotiable in some cases, and some home inspectors and appraisers may offer package deals or discounts for multiple properties or repeat business.
PS – One of my hobbies is blogging about mortgages, debt and government policy. During the day I’m a MORTGAGE BROKER in Kelowna, BC!
Check out the Huber Mortgage Home Buyers Guide HERE