How much does an appraisal cost?
The cost of an appraisal varies from less than $100 to an average $200 to $500 based upon the following factors.
- Type of appraisal: The most commonly used appraisal is called the Uniform Residential Appraisal Report (URAR). Some lenders may accept an abbreviated appraisal called the "Drive By Appraisal", which costs less than the URAR. Some loan programs only require an automated valuation, less than $100 cost. Most loan programs require a full appraisal.
- Type of property: Appraisals for single-family homes and condominiums usually cost less than appraisals for multi-unit properties.
- Value of property: Appraisals for higher-priced homes usually cost more than appraisals for lower-priced homes. If your home value is over $500,000, you can expect to pay more for your appraisal, usually less than $1000.
- Location of property: The cost of an appraisal is affected by geographic location and availability of appraisers. In areas where appraisers are few, or the properties are hard to access, appraisal costs increase. Appraisal fees are usually dictated by the local market.
- Use of property: Appraisals for income-producing properties, for example, usually cost more than appraisals for non-income-producing properties. Rental property appraisals include a rent survey and the property's income statement. Appraisal fees vary widely based on use of property. Rentals or non-owner occupied properties may require a rental survey to be included in the appraisal report. There is usually an added charge for this.
- Type of loan: FHA, VA and Conventional loan appraisals also vary in price.
However, multifamily (2-4 plexs) can cost upwards of $800, and commercial appraisals can cost much more depending on the property and purpose.
For estate settlement appraisals, all interested parties should get independent appraisals of the same type to establish fair value.
For more information on appraisals of residential real estate, call Rich Sweum at (425) 297-4242 or go to www.RichSweum.com