Having a professional home appraisal done is an essential step to selling your home, determining your property value and deciding how much you will qualify for in the event that you decide to take a second mortgage out on your home. Of course getting a professional home appraisal done on your home can be costly. There are a number of factors that determine the cost of a home appraisal. Here are the different factors that could contribute to the overall cost of your home appraisal:
What Kind of Appraisal do you want to have done? There are different types of professional appraisals that can be done on your home, but the most common is the Uniform Residential Appraisal Report (also known as the URAR). There are also shorter appraisals, often called the "Drive By Appraisal" due to the small amount of time spent assessing the property and these can cost less. Not all banks or lenders will accept these shorter appraisals, though. Make sure you check with your lender when you are deciding which one to get.
What kind of property do you have? That type of property being appraised will also figure in to the overall cost of the appraisal. Usually multi-family properties will cost more to appraise than a single family home or condominium.
What is the value of your property? Yes, this is one of the things you are having appraised, but typically the higher priced pieces of property will have a larger appraisal cost than the lower priced pieces of property. A typical cut off is five hundred thousand dollars. If your home and property are worth more than five hundred thousand dollars, your appraisal is going to cost more.
What is the property used for? A piece of property that is used to generate income is going to cost more to appraise than a piece of property that is not used for such a purpose. An appraisal of a rental property would include a rent survey as well as an income statement for the property.
Sadly, the cost of an appraisal is relative. One cost does not fit all.
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