Both are designed to protect you against potential issues with your new home. An appraisal is required by your lender, since the value and marketability must be confirmed. In addition, the appraiser will make note of obvious construction problems such as a leaking roof or missing railings. Only the more obvious interior or exterior damage that could affect the salability of the property will be reported. However, appraisers are not construction experts and will not find or report items that are not obvious. Home inspectors are optional but very important. This is your opportunity to gain knowledge on the condition the heating system, air conditioning system, electrical system, plumbing, walls, floors and structural components of the home.