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How Much Does A Home Appraisal Cost?

Typical Range: $312 - $407

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Home Appraisal Cost

The average single-family home appraisal costs $339 with most people spending between $312 and $407. Multifamily homes cost $600 to $1,500. Multiple factors play into the cost, including your location, condition and size of your home and how detailed you need it.

Whether you’re a seller or buyer, having the home appraised is quick, relatively inexpensive and ensures a fair price. An appraiser should give you a flat fee or hourly rate rather than a percentage of the home's value as this can be a sign of unethical practice.

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National Average $339
Typical Range $312 - $407
Low End - High End $250 - $475

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Cost data is based on actual project costs as reported by 5,284 HomeAdvisor members in .

Typical Appraisal Fees

the average cost to hire an appraiser is $340 or $250 to $450

In general, appraisals cost between $315 and $405, but those which require intensive work by the appraiser could run over $1,000. Pricing varies widely depending on how much work the appraiser must do. Larger, more complex properties require more work and therefore cost more. In metropolitan areas, it's not uncommon for quotes to begin at $600.

MAI Appraisal Cost

MAI Appraisals, often reserved for commercial properties, cost between $2,000 to $10,000. MAI stands for Member Appraisal Institute and any appraiser holding an MAI designation has the equivalent of a doctorate in appraising properties.

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Appraisal Cost Examples

Type of Property or LoanAverage Cost
Single Family Home Standard Loan$300 - $400
FHA/VA Single Family Home$400 - $500
Multi Family Home (2+ units)$500 - $1,000+
Apartment Building$1,500 - $3,000+
Commercial Properties$1,500 - $10,000+
Raw Land$1,000 - $3,000+

Residential House Assessment Price

A residential home’s appraisal fees ranges from $300 to $500 depending on the type of loan, the location of the home and the condition of the building. Expect to pay slightly more in urban areas. But rural areas may have high costs too if the appraisal has a lack of good comparable properties or other unusual circumstances.

Farm and Land Appraisal Prices

Land appraisals cost $1,000 to $3,000 on average with some reports of $8,000 or more. They’re much harder to appraise than a home with more variables. Most pros use one of three methods:

  • Cost
  • Sales Comparison
  • Income Approach

Average Condo Appraisal Cost

A condo, being a single-family home, costs $300 to $500 to appraise. It’s no different than a standard home. However, because it’s often surrounded by plenty of comparable properties, values tend to be a little easier to find.

Real Estate Appraisal Cost

A real estate appraisal costs $300 to $10,000 or more. It’s most often used about homes, but it can mean a farm, commercial land or even a parking lot.

Bank, Loan, Lender or Mortgage Appraisal Fee

These fees are simply different names for an appraisal fee and cost $300 to $500. You’ll find this as a line item on your closing paperwork. When you take out a mortgage, the company not only requires an appraisal, but they’re the ones who will schedule and pay for it.

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Home Appraisal Costs Near You

Georgia$290 - $365
Utah$330 - $425
Texas$320 - $425
Florida$300 - $380
Colorado$340 - $495
MN$340 - $396
NJ$375 - $585
Michigan$270 - $320
California$300 - $400
Nevada$300 - $370
Maryland$295 - $380

Factors That Impact the Cost of a Home

"Value changes based on a handful of factors that go beyond location, view and size of a house. Livable area, quality of construction, and condition of improvements are all factored into an appraisal." Brian Walther, President & Chief Appraiser. Uyetake, Uyetake & Associates, Honolulu, HI
  • Location: This includes the value of nearby homes and the distance and quality of local schools and commercial property.
  • Square footage: Property value per square foot tends to fall near each other within neighborhoods.
  • Age: The age of a home sometimes plays a factor because of maintenance issues and building materials and codes. Newer homes tend to have more value.
  • Upgrades: Renovations and upgrades will add value but upgrading to the point that a home looks "over improved" compared to surrounding homes could bring the price down.

How much is a bathroom worth on an appraisal?

You can estimate a bathroom addition’s value between 10% to 20% of a home’s value. But this also accounts for extra square footage since homes with more bathrooms tend to have more space. When considering adding, you should know that a bathroom generally adds only $5,000 to an appraisal price initially, with adjustments made for other factors like local home values.

How much is a garage worth in an assessment?

Garages tend to increase a property’s value by about 80% of the build price. However, on an appraisal, a garage contributes to the whole rather than as a part. For example, if you have a garage, your appraiser then tries to compare it to nearby homes with garages, which often have a higher value.

How much is the value of a bedroom in an average appraisal?

A bedroom can add anywhere from $10,000 to $25,000 or more to an appraisal. It depends heavily on the size of the bedroom, the overall home’s value, the location and what amenities might be included (like a walk-in closet).

Why Do I Need an Appraisal?

If you’re buying a house with a mortgage, your lender or the laws governing mortgages require an appraisal. All FHA loans require an appraisal. There are a few other reasons you may need one.

  • Determining what to sell your home for.
  • Making sure you’re not overpaying for a property.
  • Determining gift value to a relative.
  • Determining estate values.

Who pays appraisal fee?

The buyer usually pays the appraisal fee in a real estate transaction. If you’re a homeowner looking to find out the value for any other reason than selling, you’ll pay it.

Home Appraisal vs. Home Inspection

Home appraisals and home inspections are both important, but they're not the same thing. A home inspection protects the buyer by making him aware of any structural defects in the home. The home appraisal, on the other hand, protects the financial institution from lending more money than the home is worth. Different professionals offer these services but it’s not uncommon for an appraiser to offer both.

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Hiring an Appraiser

"Using a professional appraiser is kind of like meeting with a medical specialist for a health issue. Sometimes when we get sick or injured, we attempt to diagnose the issue by doing things like surveying our social network and searching the internet. Although the results from such research could be accurate, there is no substitute for a physical inspection by someone qualified and experienced." Brian Walther, President & Chief Appraiser of Uyetake, Uyetake & Associates, Honolulu, HI

When hiring an appraiser, always find a certified and licensed professional. All 50 states require a license. You’ll also want to prepare your home to look its nicest and ask a few questions before hiring.

How to Prepare for Your Home Appraisal

In general, the conditions which contribute to the valuation of a property don't lend themselves to easy or inexpensive fixes. There are some things owners can do to increase the value assigned to a property. These include:

  • Find a local appraiser that knows the area.
  • Making renovations that impact value. If you’re thinking of upgrading, remodel the kitchen and bathrooms first. You may also talk to your appraiser to find out which improvements yield the best value.
  • Clean your house. It may go without saying, but the general look of your home plays a part in where your appraised value falls.

Questions to Ask When Hiring

Here are some questions you should ask the appraiser:

FAQ

How much does a drive-by appraisal cost?

A drive by appraisal usually costs $100 to $150.

How much do appraisers charge?

Appraisers charge $300 to $400 for single family homes.

How can I get a cheap home appraisal?

The best way to get a cheap appraisal is to have the other party agree to accept the cost of it.

How much do FHA appraisals cost?

An FHA appraisal costs $400 to $500.

What's the difference between construction costs and appraisals?

Construction costs are the costs associated with constructing a home, like contractors, equipment and materials. An appraisal is the value of a completed home.

Are real estate appraisals free?

Real estate appraisals are not free, but you may get a market analysis from a real estate agent for free when trying to sell your home.

Who does house assessments?

A licensed home appraisal professional does house assessments.

When do appraisals happen in the home buying or selling process?

Appraisals are the first step after two parties enter into a contract to purchase a property.

Do houses appraise for selling price?

Houses generally appraise for close to the selling price. But if the price is higher than the appraisal, the buyer can usually back out of the deal, the seller can decrease the price, or you can appeal to the appraiser to adjust the price.

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How do we get this data?

  1. Homeowners visit HomeAdvisor.com to find a top-rated pro to complete their home improvement project or repair.

  2. Once their projects are completed, the members log in to their accounts and complete a short cost survey.

  3. After compiling and organizing the data, we report it back to you.