A Realtors’ Insight

Hi Folks; I?ve got to let all of you readers know I am down to my last question, so please send some more my way.

This week?s question:

Q: What is the difference between an appraisal and a house inspection?

A: Great question as consumers do get confused by the two.

An appraisal is done by a Professional Building Appraiser. The appraiser will come into the building take notes of any improvements that have been made in the building, as well as any improvements that have been made to the exterior of the building such as roof, parking etc. The appraiser will then take the information and compare the building and the improvements to other buildings in the same area that have sold (usually in the past three months.) The appraiser will arrive at a current market value for the building. Appraisals are generally used for financing purposes. Some property owners wish to have an appraisal done to find out what the current market value is on their property.

A building inspection is done by a Professional Building Inspector. This person is called upon to give, usually, the Buyer information on whether or not there are any problems with the roof, exterior elements, site elements, attic, bathrooms, kitchen, interior elements, foundation/substructure, electrical, heating, plumbing, hot water tank. It is recommended to have a conversation at the location with the inspector after the inspection has been completed, it is always valuable to SEE first hand what the inspector is referring to in his report.

To sum it all up:

The difference between an appraisal and an inspection is:

An appraisal is used to find out the current market value of a property.

An inspection is to find out if there are any problems with a building.

I look forward to your questions so feel free to ask, submit questions to me in writing to Brenda Banham Dawson Creek Realty Ltd.: e-mail bbanham@neonet.bc.ca

Fax: 250-242-3256 or mail Box 1769

Tumbler Ridge, BC V0C 2W0.