How Much Do Home Appraisals Cost?
A home appraisal often proves necessary when you want to take out a mortgage or refinance your current loan. It can also help you set a selling price or appeal local property taxes. If you pay a professional for a home appraisal, you'll receive a detailed estimate of the property's market value. Such evaluations are usually far more accurate than assessments.
Assessors normally don't enter buildings, while appraisers examine homes thoroughly and perform extensive research. They also estimate the amount of time it would take for a house to sell at the appraised value.
How Much Does It Cost To Appraise a Home?
When you request this service, the cost to appraise a home will mainly be spent on the appraiser's time, travel expenses and expertise. These professionals must undergo adequate training or education and gain licenses from the state government. They need to fuel and maintain the vehicles that they drive to customers homes. Depending on the size of a building, each appraisal session takes about two to three hours. Appraisers have to carefully evaluate a wide range of components and features, including:
- heating systems
- foundations
- siding
- carpets and more...
They will also conduct comprehensive research on the local real estate market and look at the selling prices of similar properties. The final major step is to compile a report consisting of several pages.
If you are interested in a home appraisal, we highly recommend that you compare quotes from several professionals in your area. Always check their credentials and references to ensure you are getting the best deal possible.
Factors That Affect Cost
Home appraisal charges are more predictable and uniform than the fees associated with many other professional services. Nonetheless, they vary depending on:
- your region
- the specific appraiser's level of experience
- certain characteristics of your home
The exact location of a house can increase the fee if it results in a more time-consuming appraisal process. Not all appraisers use the same pricing structure either. For example, some professionals charge a bit more (or less) depending on the actual market value of your house. Time and complexity-based fees remain more common because they directly reflect the appraiser's effort.
Possible Extra Fees
Many appraisers charge more when customers own particularly large homes or properties. The same goes for dwellings with numerous extra features and amenities. This significantly increases the amount of time it takes to thoroughly examine a building. A complicated or larger than average home appraisal may result in a price hike of more than $100.
Some professionals also expect to be paid more when they evaluate waterfront real estate. Additionally, it's important to consider the distance between an appraiser's office and a home. Distances in excess of 15 miles often boost fees by $25 - $100.
Rough Estimate Of The Total Cost
On average, homeowners can expect to pay around $350 for appraisals. People with compact urban homes are frequently billed smaller amounts, like $300. A large, complicated or rural dwelling is more likely to incur a fee of about $400. Although appraisers have several reasons to increase their fees, many offer discounts under certain circumstances.
The cost to appraise a home may also vary depending on how long ago an appraisal was performed and what other recent information is available to confirm the value of a property. A shorter inspection and less comprehensive research are suitable in some situations when there's relatively little doubt about a home's value.
Free Estimate From Local Professionals
As with any service, the cost to appraise a home partially depends on the number of appraisers in your area and the current level of demand. You can get a more accurate home appraisal estimate by typing your local zip code in the space provided on this page.
It's 100% FREE, and there is no obligation to order this service. It's a great way to decide what will be possible given your budget.
