Sometimes consumers equate the appraisal inspection as a professional home inspection.

Aren’t they the same thing?

The simple answer is no.

Home Inspection

A licensed home inspector performs a home inspection.

He is a specialized contractor with expertise in uncovering defects in the structure and materials of various types of properties.

Home inspections provide a comprehensive examination of a property’s physical condition, extending beyond mere observation to actively inspect, test, and verify the property’s structural integrity and functional systems. Home inspections, which typically span hours, encompass various elements including electrical systems, plumbing, HVAC, roofing, and structural components. Home inspectors are required to adhere to the standards set forth in the Home Inspector License Act [225 ILCS 441], ensuring a thorough and professional home inspection.

Appraisal Inspection

An appraisal inspection is a visual observation of physical factors that will influence value in the market place to include location, size, condition (noting any deficiencies, updates, renovations) and amenities.

Appraisal inspections usually take approximately 30 minutes to an hour depending on the size and complexity of the property.

Licensed real estate appraisers may not provide property condition comments for compensation as a substitute for a home inspection or home inspection report prepared by a licensed home inspector.

As of June 1st 2015 all appraisal reports of a property that is 1 to 4 residential units prepared by a licensed real estate appraiser must include the following statement:

“The comments by the licensed real estate appraiser contained within this appraisal report on the condition of the property do not address “standards of practice” as defined in the Home Inspector License Act [225 ILCS 441] and 68 Ill. Adm. Code 1410 and are not to be considered a home inspection or home inspection report.”

 

Did I leave anything out or do you want to join the conversation? Let me know in the comments below.

Providing real estate appraisal services since 1999 with an array of experience in property appraisals that includes Divorce, Estate, Bankruptcy, Tax Appeals, Pre-Listings, Pre-Purchase, FSBO and more.

Our coverage area includes Chicago and the bordering suburbs.

For more information call us today at 773-800-0269.

Thanks for reading,

John Tsiaousis