Inspection vs. appraisal: two checks with different jobs
They sound alike and happen around the same time, but an inspection and an appraisal answer completely different questions.
Two checks often land in the same week of a purchase, and buyers regularly mix them up. The simplest way to keep them straight: a home inspection asks “what’s wrong with it?”, while an appraisal asks “what’s it worth?” Different questions, different people, different purpose.
| Home inspection | Appraisal | |
|---|---|---|
| Question it answers | Condition — what may need repair | Value — what it’s worth |
| Who orders it | You, the buyer | Your lender |
| Who performs it | A licensed home inspector | A certified appraiser |
| When | During the subject period | Afterward, for the mortgage |
| What you get | A list of deficiencies | A valuation figure |
The inspection is for you
You arrange and pay for the inspection for your own peace of mind — it is optional but strongly recommended. It happens during the subject period precisely so you can act on what it finds. For what an inspection does and does not cover, see how a home inspection works.
The appraisal is for your lender
Your lender orders the appraisal to confirm the home is worth what it is lending against. It is not really for you — you may never even see the report. More on what an appraisal is and why your lender orders one.
And neither is your “BC Assessment”
A third number causes confusion: your annual BC Assessment value is a government estimate used to calculate property taxes, set on a different date and by a different method. It is not the appraisal your lender uses, and not the price a home will sell for.
Sources
GeoHouse is a technology company — not a licensed real estate brokerage, REALTOR®, lawyer, or financial advisor. This article is general education about how the process works in British Columbia, not advice for your specific transaction. Rules and figures change; confirm current details through the official sources linked above and consult a licensed REALTOR®, mortgage broker, lawyer, or notary before making decisions.