Are you hearing both “appraisal” and “inspection” thrown around and wondering which one actually protects you? You are not alone. In Columbus, these two steps serve very different purposes in a home purchase or sale, and mixing them up can cost you time and money. In this guide, you will learn exactly what each one does, who hires and pays, typical timing and costs, and how the results affect your deal in Franklin County. Let’s dive in.
Appraisal vs. inspection: clear definitions
An appraisal estimates a home’s market value. Lenders rely on it to confirm the property is worth the loan amount. The appraiser analyzes comparable sales, the home’s characteristics, and current market conditions, then issues a value opinion in a written report.
A home inspection evaluates a home’s condition and safety. The inspector performs a non-invasive walkthrough of major systems and components, documents material defects, and recommends repairs or specialist follow-up. The goal is to inform your decisions and negotiations.
Who hires and who pays
Appraisal
- The lender orders the appraisal, often through a third-party management company.
- The buyer usually pays the appraisal fee as part of loan costs.
- Buyers and sellers typically do not pick the appraiser. Buyers can hire a separate private appraisal if they want another opinion.
Inspection
- The buyer selects and hires the home inspector during the inspection contingency period.
- The buyer pays the inspection fee. Sellers sometimes order a pre-listing inspection to reduce surprises.
What each professional reviews
Appraiser focus
- Confirms property basics like bedrooms, baths, finished area, lot size, age, and apparent condition.
- Compares nearby recent sales and adjusts for differences to conclude value.
- Notes obvious issues that could affect value or marketability, but does not do detailed system diagnostics.
- May comment on neighborhood trends, market conditions, and highest and best use.
Inspector focus
- Systematic review of structure, roof, foundation, exterior, interior, plumbing, electrical, heating and cooling, attic and insulation, ventilation, and built-in appliances.
- Identifies safety hazards, major defects, and deferred maintenance.
- Recommends specialist evaluations when needed, such as roofers, electricians, plumbers, or structural engineers.
- Common Columbus add-ons: radon testing, sewer scope, termite/WDI inspection, mold testing, lead paint checks for pre-1978 homes, chimney or HVAC diagnostics, and foundation evaluations.
When they happen in Columbus deals
Inspection timing
- Typically scheduled during the buyer’s inspection contingency, often within 7 to 10 days after contract acceptance.
- Buyers usually attend. Results inform repair requests, seller credits, or contract adjustments.
Appraisal timing
- Ordered after the contract is executed and loan application begins.
- Turn times vary by market and lender. Many appraisals complete within 1 to 3 weeks from order so underwriting can clear to close.
Typical cost ranges in Franklin County
- Appraisal: Often about $350 to $700+ for a full residential appraisal, depending on size and complexity. Desktop or hybrid products can cost less. Specialty or multifamily assignments cost more.
- Home inspection: Commonly about $300 to $600 for a standard single-family home, influenced by age, size, and optional add-ons like radon or sewer scope.
These are estimates. Prices vary by provider and market conditions. It is smart to request multiple local quotes.
How results impact your deal
Inspection outcomes
- You can request repairs, a credit, or a price adjustment based on material defects found.
- Findings can trigger specialist inspections, safety fixes, and disclosure obligations for known defects under Ohio rules.
- If you have an inspection contingency and cannot reach agreement, you may have the option to cancel within the contingency terms.
Appraisal outcomes
- If value is at or above the contract price, lending can proceed if other loan conditions are met.
- If value comes in low, the lender bases financing on the appraised value. You can renegotiate price, bring additional cash, or submit a reconsideration of value with better comparable sales or corrections. Some loan programs, including FHA and VA, have specific appraisal requirements that can affect needed repairs.
Columbus-specific considerations
- Housing diversity: Franklin County includes older city neighborhoods, mid-century suburbs, and newer builds. Older homes may have aging plumbing or electrical, while newer homes bring different maintenance profiles.
- Basements and moisture: Many local homes have basements. Inspectors often focus on water intrusion, drainage, sump pumps, and the condition of finished basements.
- Soils and foundations: Central Ohio clay soils can contribute to foundation movement. Inspectors may call for foundation specialists if signs of settlement appear.
- Radon potential: Radon testing is a common add-on, especially for homes with basements or slab-on-grade construction.
- Permits and rentals: If renovations were done, check that required permits and inspections were obtained. Rental properties in Columbus may have registration or inspection requirements, so confirm current city rules.
- Neighborhood value nuance: Appraised value depends on very local comparable sales and timing. Values can vary block by block in areas like Short North, German Village, Clintonville, and northern suburbs.
Common misconceptions
- “An appraisal finds all defects.” Incorrect. Appraisals note obvious issues that impact value but are not system-by-system diagnostics.
- “An inspection determines market value.” Incorrect. Inspections focus on condition and safety, not valuation.
- “The lender controls everything.” The lender controls the appraisal for the loan. You control the inspector selection and scope of your inspection.
- “A bad inspection guarantees a low appraisal.” Not automatically. Appraisals are driven by comparable sales and market conditions, though major visible defects can affect value.
Practical guidance for buyers
- Hire a qualified local inspector. Ask for sample reports, references, and proof of insurance. Many inspectors carry certifications from industry organizations.
- Consider add-on tests when appropriate. In Columbus, radon testing, sewer scopes, and WDI inspections are common, with foundation or HVAC specialists as needed.
- Know your timelines. Understand your inspection contingency and how to submit repair requests or credit proposals.
- Be prepared for appraisal outcomes. If value is low, consider renegotiation, adding cash, or a reconsideration request supported by better comparables.
Practical guidance for sellers
- Consider a pre-listing inspection to reduce surprises and guide repairs that improve marketability.
- Address safety hazards and clear deferred maintenance before listing. Small fixes can prevent larger negotiation issues later.
- Prepare for the appraisal. Provide your agent with a list of recent improvements and any relevant comparable sales so your pricing strategy is well supported.
Qualifications and regulation in Ohio
- Appraisers: Residential appraisers must meet federal and Ohio state licensing or certification standards. Lenders generally require a state-licensed or certified appraiser for mortgage lending.
- Home inspectors: Ohio historically has not had a uniform statewide licensing program for all inspectors. Many Columbus-area inspectors maintain industry certifications and carry insurance. Always verify current credentials and request sample reports.
How to prepare for both steps
- Gather documents: recent improvements, permits, warranties, utility info, and access details for the property.
- Schedule early: book your inspection promptly and respond quickly to your lender’s appraisal timeline.
- Attend the inspection: walk through with the inspector and ask questions in real time.
- Plan your next steps: discuss repair priorities, negotiation strategy, and appraisal scenarios with your agent so you can act quickly.
Work with a financial-minded local guide
Understanding the difference between appraisal and inspection helps you control risk, protect your budget, and negotiate with confidence. When you pair that knowledge with data-driven pricing and steady communication, your transaction feels much simpler.
At Peeler Realty Group, you get a hands-on advisor with a financial background who understands valuation, property condition, and Columbus neighborhood nuance. If you are buying or selling in Westerville, Gahanna, Worthington, or anywhere in Franklin County, we are here to help you make smart, low-stress decisions. Ready to talk strategy and next steps? Connect with Jason Peeler.
FAQs
Who pays for the appraisal in a Columbus home purchase?
- Usually the buyer pays the lender-ordered appraisal fee as part of loan costs.
Who hires the home inspector for a Franklin County sale?
- The buyer typically hires and pays the inspector during the contingency period, unless a seller orders a pre-listing inspection.
What if the appraisal is lower than my contract price?
- You can renegotiate the price, add more cash to cover the gap, or request a reconsideration of value with better comparable sales or corrections.
Are radon tests and sewer scopes part of a standard inspection?
- Not usually. In Columbus they are common add-ons that buyers choose based on the property and risk factors.
How long do I have to complete inspections after going under contract?
- Many Columbus contracts allow about 7 to 10 days, but the timeline is negotiable and set in your agreement.
Do FHA or VA appraisals have different requirements?
- Yes. These programs can include specific appraisal and property condition requirements that may affect needed repairs before closing.
