Difference between property inspection and appraisal in NY
Property inspections and NY appraisals are two different concepts; but to a limited extent they overlap and thus confusions arise. Home inspections are done by certified home inspectors, who examine a house to determine its conditions. On the other hand, property appraisal in NY is a more comprehensive process that entails property inspection, along with various other pertinent tasks. Both are usually conducted for sale and purchase of a property.
During the property inspection exercise, the inspector looks at the structure of the house, checks the plumbing schema, inspects the ventilation plan and thus assesses the overall condition. Post this limited examination, a report is prepared and presented. Property appraisal on the other hand is not a restricted examination. It includes the stated and various other facets.
In NY, during appraisals, the appraiser evaluates the property to determine its comparative market value. Thus, while the property in question is examined, it is also compared to other similar properties in vicinity. Often, during NY appraisals, appraisers also follow the cost approach where they workout the overall cost of rebuilding the structure from scratch.
A home inspector examines the house to verify if it is in good condition or not. An appraiser on the other hand, usually prepares property appraisal reports for sellers and buyers and lenders, who based upon this report, finalize the property sale and purchase dealings. The reports thus generated during NY appraisals are far more detailed.
Thus, an appraiser won’t be bothered much with the condition of your chimney, but he’ll certainly be interested in noting the prices of recently completed sales in your neighborhood. During NY appraisals you will get to know the condition of your property, but just for this particular purpose, you need not undertake a complete appraisal exercise.