Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> appliances babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business weddings
CostHelper > Personal Finance  > Real Estate > Property Appraisal

Property Appraisal Cost


How Much Does a Property Appraisal Cost?

 
low costResidential Appraisal: $250-$1,000+average costRental Property Appraisal: $400-$2,400+high costCommercial Appraisal: $1,000-$5,000+
post E-mail post Post  

A property appraisal is an independent and unbiased opinion of the value of a parcel of real estate, done by a trained appraiser using standard and approved methods. Appraisals are typically done when buying or refinancing a home or other property, or as part of the property division for an estate or divorce. The National Association of Independent Fee Appraisers provides an overview[1] .

Typical costs:

  • The cost of an appraisal depends on the location, type of property, square footage and type of report (which is based on the purpose of the appraisal). New construction, homes larger than 3,500 square feet or properties outside of an appraiser's primary area typically cost more. A standard residential appraisal can cost $250-$1,000 or more, but averages about $300-$500. For example, the Houston Appraisal Company[2] in Texas starts its fees at $300 for a non-lender appraisal of a single-family home
  • An FHA/HUD appraisal uses the Uniform Residential Appraisal Report (URAR) form and is more detailed than a standard home appraisal; the FHA estimates the average cost of an URAR appraisal report at $300-$500, but costs vary, For example, A-1 Los Angeles Home Appraisals[3] in California charges $325-$750 for appraising a single family dwelling with a URAR form.
  • A rental property appraisal, which typically includes a rent survey and the property's income statement, can cost $400-$2,400 or more, depending on location and number of units. For example, Appraisal IQ[4] in Texas charges $450 for a duplex and $500 for a fourplex; and AppraiserValues.com[5] in Southern California charges $950-$1,900 and up for a four-page appraisal of a building with 5-60 rental units.
  • A property financed through the Veterans Administration must be appraised by a VA-assigned appraiser; this typically costs $400-$600. Check with the nearest VA regional center for the maximum allowable appraisal fees.
  • A commercial real estate appraisal starts at about $1,000-$5,000 but can cost more for complex reports. For example, AppraiserValues.com[6] in Southern California charges $1,500 and up for a limited or expanded scope summary appraisal (25-75 pages) and $3,500 and up for a self-contained narrative appraisal report (60-200 pages).
  • Appraising a vacant lot can cost $300-$500 or more depending on location and size. For example, Piekos Appraisals[7] in Illinois charges $325 and Appraisal IQ[8] in Texas charges $400.
Related articles: Refinancing a Mortgage, Real Estate Contract Review, Divorce

What should be included:
  • An appraisal is a dense, multi-page document, often on a specific form acceptable to the lender. An appraisal report should identify the real property being appraised, the date of the report, its purpose and intended use, the methods used to appraise the property, any assumption and conditions affecting the property's value and the best use of the property. The report should comply with the USPAP (Uniform Standards of Professional Appraisal Practice), which requires that the appraiser sign the report to certify it.
  • A residential appraisal report typically takes a few days to a few weeks to complete. Commercial appraisal reports typically take anywhere from one to six weeks depending on the complexity of the situation, the availability of data and the required report format.
Additional costs:
  • A quicker turn-around time costs more. For example, Houston Appraisal Company[9] in Texas charges a 24-hour rush fee of $100.
  • If the property is located outside the appraiser's standard area, travel fees may apply, depending on distance. For example, A-1 Los Angeles Home Appraisals[10] in Los Angeles County charges an additional $75-$150 for appraisals elsewhere in Southern California.
Discounts:
  • A "desktop appraisal" in which the appraiser estimates a property's value without inspecting it typically costs $100-$150. This type of limited appraisal might be done to determine if the property is worth enough to qualify for refinancing, before incurring the cost of a full appraisal.
  • If it's not possible to get access to the interior of the home, a "drive by appraisal" in which the appraiser views only the exterior and uses public records and other open sources for information typically costs $150-$275, depending on location, square footage and type of property.
  • Free rough estimates of property values based on limited public information are available online at sites like Zillow.com or Yahoo Real Estate[11] .
Shopping for a property appraisal:
  • Ask about the appraiser's training, experience, licensing (not all states require a license) and certification. Many appraisers will provide a copy of their license upon request; check with the licensing agency to be sure the license is active and in good standing. EscapeHomes.com gives tips for choosing an appraiser.
  • Search for local appraisers through the Appraisal Institute[12] .
post E-mail post Post  
CostHelper News


3 Ways to Have the Government Pay You Back for Your Energy Efficient Upgrades
Any renovations or upgrades made to your home this year that included energy-efficient appliances could be eligible for some federal energy tax credits. But it's not just appliances. || Posted December 9 2013


7 Lesser-Known Discounts for the 50+ Crowd
As they age, members of the Baby Boomer generation don't like to admit that they're senior citizens, but they love getting discounts. It's kind of a quandary, because some of the best deals available are reduced prices for older folks. || Posted October 21 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments


 

Comment On Your Experience With a Property Appraisal
 
Subject:  *
Amount Spent:  *
Type of Appraisal: Appraiser/Firm: 
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  www.naifa.com/?page=What_is_an_Appraisal
  2.  www.houstonappraisalcompany.com/services/appraisal-fees/
  3.  www.a1losangeleshomeappraisal.com/property-appraisal-fees.html
  4.  theappraisaliq.com/services/appraisal-report-types-appraisal-fees/
  5.  www.appraiservalues.com/AppraisalFees
  6.  www.appraiservalues.com/AppraisalFees
  7.  www.piekos.com/fees
  8.  theappraisaliq.com/services/appraisal-report-types-appraisal-fees/
  9.  www.houstonappraisalcompany.com/services/appraisal-fees/
  10.  www.a1losangeleshomeappraisal.com/property-appraisal-fees.html
  11.  homes.yahoo.com/home-worth
  12.  appraisalinstitute.org/findappraiser/default.aspx
More Personal Finance Topics
Check Out All Costs for Personal Finance How Much Does a Traffic Ticket Attorney Cost? How Much Do Funeral Flowers Cost? How Much Do Tax Returns Cost?

Search Thousands of Topics on CostHelper.com



Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
Deep cleaning and extractions
Paid: 90.00
When we got our 4-year baby from someone she had horrible breath and our vet recommended a deep cleaning for $175. I checked around and the SOHFGA did the same procedure for $80. So I had them do it at the same time we had her spayed... [more]
-Cocoa's Mom - Phyllis Rios
Dog Teeth Cleaning Cost
DIY (basic tools)
Paid: 0.00
The person that wrote this story.. don't have any idea what the true costs of auto repairs are. And like so many others that will talk about auto repairs, football, religion.... because they saw it somewhere... [more]
-smar
Brakes Cost
Bridge/Crown
Paid: 3200.00
Been going to this same dentist for 15yrs. Had two previous bridges and crowns and only paid 900.00 per procedure just about five years ago!! SERIOUSLY…$3200.00!!! I showed up with $1000... [more]
-Suz
Dental Crown Cost
Engine replacement of 1995Honda Prelude Si
Paid: 2000.00
My question is if you get a engine replaced why would they want to charge you again to replace the timing chain?... [more]
-Carter
Replacing a Timing Chain Cost
Cervical Laser Surgery for Abnormal Cell Changes
Paid: 45.97
Without insurance the procedure would have cost about $1,000. My insurance isn't great, but it still came to only $45. The procedure was performed without anesthesia... [more]
-ephthat
Cervical Cancer Treatment Cost
A 9-miles ride in ambulance with no medical attention cost 1200 in WA
Paid: 1200.00
This is legal rip-off. In my case, just a 9 miles ride from 1 hospital to the other without any medical attention cost me 1200 out of pocket. How can states attorneys and legislators let this happen everywhere... [more]
-TomN
Ambulance Cost