Appraisal Fees

Do you know what a home appraisal fee is? Do you know what the fee should cover and what a typical appraisal will cost you?

An appraisal fee is what you will pay for the professional services of an appraiser. An appraiser's job is to carry out a full inspection of your home to determine its market value. Most people will generally have their homes appraised when they are thinking of selling them. An appraisal will give you a good indication of what your home is worth and what you can expect to pay for a similar home if you are purchasing another.

You may also have an appraisal carried out when you are closing a deal on a property to ensure that the offer you are about to put forward reflects the market value of the property.

How much you pay an appraiser to carry out his work very much depends on what type of appraisal you are commissioning. Generally a licensed appraiser will provide you with a written report of his findings. This report should comply to the minimum standards in the industry and be in the format of the standard Uniform Residential Appraisal Report.

Fees will vary depending on the characteristics of your home. If you have a family home, you may be charged a standard fee for an appraisal on residential property. If you have a commercial building, you may be charged a commercial fee. Generally, a typical appraisal fee on a residential property ranges from $200 to $500.

While you may think that you can sell your home and purchase another without the need for appraisals, it is becoming more common for mortgage providers to insist an appraisal is carried out before they lend you money. This is because they need to know that the home you are purchasing is worth the asking price. If this is the case, an appraiser will generally forward his report directly to the mortgage provider. You can request a copy of the appraisal once your loan has been finalized.