How Much Does a Home Appraisal Cost?

Last updated on April 22nd, 2024 at 11:41 pm

Determining what your home is worth is an important part of any home-buying or selling process. In many cases, the appraisal fee is wrapped into other loan fees associated with buying a home.

However, if you need an appraisal for other reasons – such as listing your home for sale, challenging a tax assessment, for a divorce settlement, etc., the appraiser will typically want to collect the fee up front.

But how much does a home appraisal cost?

For a standard single-family home, the cost of a residential appraisal is typically between $350 to $500. However, the actual cost can vary, depending on the type of property, the complexity of the home, and the cost of living in your area.

We’ll review standard costs for other common appraisal types and some of the add-on expenses you might encounter, so you’ll know what to expect when you need an accurate home valuation.

Lenders rely on real estate appraisers to determine the value of a property before approving a mortgage loan, while home sellers may use appraisals to set the asking price.

Appraisal Type	Standard Cost
Single Family Residential	$400-$500
Exterior Only / Drive By	$300-$400
Desktop (No Site Visit)	$150-$350
Multi Family (2-4 Units)	$500-$700
Land / Acreage	$400-$600
Appraisal Review	$350-$550

*The costs shown above reflect a common price range. Costs will vary based on other factors.

Before we dive further into the standard costs and how they’re determined, let’s briefly review the most common types of appraisals.

The type of appraisal needed, among other factors, will determine the cost of the appraisal report.

Known to appraisers as a URAR (Uniform Residential Appraisal Report), this is the most common and most comprehensive type of appraisal. The appraiser will conduct a walk-through of the property, considering various factors such as size, condition, location, market data, and others.

Average Cost: $300-$500

This type of appraisal includes a visual inspection of the property from the exterior only. These are generally less expensive than a full appraisal and are often used when a more detailed report is not required.

Average Cost: $250-$350

In a desktop appraisal, the appraiser will rely on public records, online data sources, maps, and any previous sale or listing data available to determine the property’s value.

They may also contact the homeowner for additional information about the property. This type of appraisal is completed without a physical visit to the property.

Avereage Cost: $150-$300

This type is specifically for properties with multiple units, such as duplexes, triplexes, or apartment buildings. A Licensed or Certified Residential appraiser can value properties with up to four units.

Average Cost: $500-$700

Pro Tip: Buildings with 5 or more units are considered commercial buildings and therefore require a commercial appraisal. (Commercial appraisals can cost several thousand dollars)

While the majority of appraisals are for buildings or structures, land appraisals focus only on the land itself.

Costs for appraisals of vacant or improved land can vary widely based on the size, location, and other complexities of the land.

Average Cost: $300-$600

An appraisal review must be completed by a licensed or certified appraiser. An appraisal review is done to verify the accuracy and credibility of another appraisal report. This type of appraisal is sometimes required by banks or lenders to ensure that the property’s value has been accurately determined.

Average Cost: $300-$500

*The estimated costs shown above are based on national averages as well as my own experience within my area of coverage. Fees may vary based on the location and costs of living in your particular area.

VIEW ALL APPRAISAL TYPES

When an appraisal is requested, the appraiser and their client must agree on an acceptable fee before beginning the process.

The appraiser will typically do a bit of digging before accepting an assignment. This is to make sure the fee aligns with the amount of work expected. 

Certain factors will be considered before accepting the proposed fee.

Location of the Property: Homes located in remote areas or more complex locations (waterfront, excessive acreage, etc) may require more time to complete or a greater amount of traveling time. This may increase the cost.

The Complexity of the Appraisal: Properties with unique features, such as historical homes, custom-built properties, or special-use properties may require additional research and analysis, increasing the appraisal cost.

Purpose of the Appraisal: The purpose of the appraisal can also impact the cost. Appraisals for mortgage refinancing, estate planning, or tax assessments may have different requirements or specific value requests (such as a past or future period) and, therefore, varying costs.

The Appraiser’s Experience or Credentials:  Experienced appraisers or those with specialized credentials may charge higher fees due to their expertise and knowledge of the type of property or geographical area.

The last thing you want is an appraiser who undervalues your home by tens of thousands, but saves you a hundred bucks on the appraisal fee!

RELATED: WHAT’S IN AN APPRAISAL REPORT?

In addition to the base appraisal fee, there may be additional items to consider depending on your specific circumstances. Some common add-ons that can increase the fees include:

1. Rush Fees: If you need the appraisal report back quickly, the appraiser may charge a “rush” fee. In my area, a typical charge for a rushed report is $75-$150.
2. Extra Services or Forms: Certain situations may require additional services or forms, such as a rent schedule for an investment property or homes under renovation with extensive plans for additions, needing a value “as completed”. These additional services may come with an additional cost.
3. Reinspection Fees: If the appraiser requires additional repairs or inspections and needs to go back out to the property to confirm their completion, you may be charged an additional reinspection fee. These generally range from $75-$150.

Finding someone reputable and qualified for your situation is important for a smooth and successful transaction.

Unfortunately, appraisers are somewhat of an aging population with a low rate of replacement.

As a result, many areas have fewer active appraisers available. It may take longer to find someone qualified in certain areas.

Some things to consider when you’re looking for the right expert: 

Although there are certain things the appraiser can only discuss with their client (typically the lender), they should be willing to communicate and respond to questions or concerns in a timely fashion, even if it’s done through a middleman.

RELATED: 10 REAL ESTATE APPRAISAL MYTHS

A home appraisal is an important step in the home buying process, providing valuable insights into a property’s value.

The cost of a home appraisal can vary based on several factors, including the size, location, complexity, and purpose of the appraisal. However, we’ve given you the common price range for the various appraisal types you may run into.

Even though there’s a cost involved, getting an appraisal is usually worth the cost because it gives you an accurate idea of what the market says your property is worth.

You can then make a more informed decision when it comes to buying or listing your property.