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How Much Does a Real Estate Appraisal Cost?

Real Estate Appraisal: Cost Factors

The cost of getting a real estate appraisal will increase or decrease based upon a number of factors. This article is intended to provide you with a checklist of questions to ask yourself and your contractor.

This key will serve as your guide:

$0 = No additional cost
$ = Standard cost
$$ = Increased cost

Ask Yourself:

What type of property is being appraised?

$ - Apartment, condo, or small house

$$ - Large, residential property

$$ - Commercial property (office building, apartment complex, etc.)

Video: Appraisal vs. Inspection

Does the property have any unique features?

$ - When the property does not have any unique features. (The home or building can easily be compared to other recently sold properties in the neighborhood.)

$$ - When the property has a pool or guesthouse.

$$$ - When a property has many unique features and the appraisal requires more attention to detail. (With unique features, it is more difficult to use the “comparables” in the neighborhood.)

What method of appraisal will be used?

$ - When the sales comparison approach is used to value the property.

$$ - When the cost approach is used to value the property. (This method is typically used to evaluate new construction.)

$$$ - When the income approach is used to value the property. (This method is typically used to evaluate commercial and other income-producing properties.)

Real Estate: Appraisal Methodology

How will the appraiser be selected?

$ - When the home buyers can chose their own appraiser.

$$ - When the appraiser is selected through an appraisal management company.

Is the appraiser designated by a professional association?

$ - When the appraiser is licensed or certified by the state.

$$ - When the appraiser holds a special designation from a reputable professional association. (Designated appraisers are typically more experienced and they must meet additional educational requirements.)

Ask the Pro:

1. How long do you expect the appraisal to take?

2. Are you licensed and insured?

3. What types of properties are you certified to appraise?

4. Do you have any references that I might be able to contact?

5. How many appraisals have you completed in the last 12 months?

6. Do you belong to any professional associations?

7. Do you hold any additional professional designations or certifications?

8. Is it possible to appeal or challenge the appraisal?

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About the Author

ProMatcher Staff, ProMatcher
Orlando, FL 32803

If you would like to re-print this article, please contact the author.
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