Real estate appraisal fees are $350 to $600 for a single-family home. Multi-family buildings start around $500 and increase depending on the square footage of the property. Rush fees can increase the appraisal cost by 50% to have the report within 24 to 72 hours.
A home appraisal is a complete study of a house to determine the property value in fair market conditions. Appraisals are necessary when buying a home as banks won't lend money if the home's appraised value is less than the loan amount. Home equity loans are also based on the value of the home, so an appraisal can determine the amount you can borrow.
The home appraisal cost is paid by the party that hires the appraiser.
A home appraiser spends between 30 minutes and 2 hours viewing the home. The final appraisal is completed within 1 to 2 weeks, depending on the appraiser's schedule and the complexity of the property. Properties with multiple units or unusual features take longer to complete.
The appraiser considers the home size, land size, and the number of bedrooms and bathrooms in their valuation. They also consider the location and condition of the home which are detailed in the final report. Appraisers also look at comparable sales in the area to determine what the home is worth.
A home appraiser looks at the design of the home, giving more value to homes that are updated and easier to sell. Outdated fixtures and cabinets can result in a lower appraisal. Home improvements including energy-efficient appliances or solar power can also influence the final appraisal.
Online valuations are not the same as an appraisal. Online valuation tools are usually free and are best used as initial research in the early stages of buying or selling a home. The tools use publicly available data and do not consider the condition or home improvements that impact the home's value.
A real estate appraisal can be stressful whether you are buying or selling a home. A trusted appraiser can guide you through the process and answer all of your questions. Here are some questions to ask when choosing a real estate appraiser:
Whether you are buying, selling, or refinancing your home, the final report from a real estate appraiser can make or break your home ownership dreams. Don't rely on an unqualified or inexperienced appraiser. Instead, follow these recommendations before hiring a home appraiser:
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