Appraisers are professionals who provide unique insights regarding the current state of the local real estate market.
A home appraisal is an important step during buying or selling a property. But how much does an appraisal cost?
The appraisers cost is typically $331 on average. Expect to pay between $280-$375 for an appraisal.
There are various factors that will affect the final bill. For example, location matters. Homes that are nearer to shopping locations, schools, and other areas of interest typically cost more to appraise than homes that are further away.
Items that are commonly appraised
Appraisers will typically consider the following key factors/items when determining the value of a property.
- Size: number of rooms, bathrooms, front/backyard size
- Nearby structures such as other homes and access to roads/public transportation.
- Demographics and the local real estate market
- Components of an appraisal report
Each appraisal report is composed of 4 major sections.
Description of the property
- This is a detailed description that includes boundary information, landmarks, and the property size.
- This section includes information regarding factors that affect the property value. For example, demographics and proximity to schools/shops may be included here.
- An appraisal also includes information on the specific purpose for the home. It will specify whether the property is for residential, rental, or re-development purposes.
Valuation of the home
- Finally, the actual value of the home will be specified. There are several methods used - each will consider all the above factors and current market conditions.