What's the difference between a home inspection and an appraisal?

They serve different masters. A home inspection is for you: an inspector you hire walks the property and reports on condition — roof, HVAC, plumbing, electrical, foundation — so you can negotiate repairs or walk away. An appraisal is for the lender: a licensed appraiser estimates the home's market value to confirm it's worth what you're borrowing against. The inspection protects your wallet from surprises; the appraisal protects the bank's collateral. You typically pay for both, and they happen after your offer is accepted. Don't skip the inspection to win a bidding war unless you truly understand the risk of inheriting hidden defects. A low appraisal and a bad inspection are different problems requiring different responses.