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How much does an appraisal cost?
The cost of an appraisal varies based upon the
following factors:
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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.
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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.
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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.
-
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 on single-family,
owner-occupied homes under $500,000 in densely populated areas
vary between $250 and $400. Fees for similarly priced rental
properties may vary between $400 and $550.
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