The Cost of Getting a Property Appraised

A professional appraisal is usually required when you are either selling or buying a property or a home. An appraisal is not just required, to have a professional come and do one can be costly for you also. There are a number of factors that influence the price of a professional appraisal done on your property. Depending on the type of property you are getting appraised or the value of it, a professional appraisal can cost from a wide range of costs.

First, you need to find out what type of appraisal you would need. There are different types of appraisals that can be done. The most commonly used appraisal is called the Uniform Residential Appraisal Report (URAR). There are also shorter appraisals that can be done called "Drive By Appraisals". These can be less expensive than the URARs, for those on a budget. Although, some banks and lenders do not accept these appraisals for your loan, so you should find out what they will take before you decide on which to get.

The type of property is one of the factors that can affect the cost of your appraisal. A professionally done appraisal of single family homes will typically cost you less if you are selling your own home. Multi-unit properties, however, will run you a bit more than single family homes due to size. The cost can also depend on where the location of the property is. If the property is hard to get to or there are less appraisers around, the cost will most likely increase.

Even though you are trying to find the value of the property, it is also one of the factors in determining your appraisal cost. The higher the value of your property, the more the cost will increase. Although, the cost may not be dramatically different until you pass the $500,000 mark. The cost will most likely be around $300-600 for that valued less than that. Any property that is valued more, though, you will expect to have to pay more for the appraisal.

Lastly, what the property will be used for will affect the cost. For properties that are used to rent out and generate income will generally cost more than an appraisal done for a home. An appraisal of a rental property would usually include a rent survey as well as an income statement for the property. For example, the cost of a single family home that is under $500,000 will cost around $300-450, while a rental property with similar value will probably cost around $400-550.