Are Home Inspections and Home Appraisals the Same Thing?

No, they are not!

Home inspections are an assessment of the property's structural integrity.  Appraisals are an assessment of property value of the estimated real estate home value based on what is seen. Appraisers give an unbiased evaluation at arms-length of the true overall cost of a property after all factors have been tabulated. Appraisers do not test the major appliances and their functions, therefore, appraisals are brief, not thorough. However, an appraiser does measure the dimensions of the property inside and out and give an accurately measured size for a more accurate representation of the true real estate property value.

Appraisals also do an assessment of the surrounding market statistics from comparables, location, the neighborhood area, proximity to amenities offered, and compare their findings with the overall health of the real estate market.

In most cases, appraisers will not recommend fixes during an assessment of property value, mainly because they do not test appliances for workability and function and do not focus on the structural integrity of the home. The main focus for the appraiser is to establish a value of the property, which a home inspector will not.
Home inspections are more thorough and cautious in inspecting appliances, safety issues, and possible damage or potential problems. This may include testing for radon gas emissions, water quality, asbestos problems in the roof, and lead in the paint used inside and out. They also test for other possible toxic materials used on the home’s building structure.

Home inspectors will give you reasons and causes for issues in the home operations, unlike an appraisal. They will often inspect every accessible area, even crawl through crawl spaces and attics to find any unperceived problems in the home such as water damage, termite damage, and mold and evaluate them for safety and maintenance needs.

Typically, home appraisals are for lenders while home inspections are for buyers.
Lenders rely on appraisers to ensure that loans are not given out unless the assessed value of the property at least equals the loan amount. It is imperative to get an appraisal for loans on a property because banks are required by law to issue loans only to appraised properties.