What Does Property Appraisal Cost?

The actual property appraisal cost depends on a number of factors. The costs may vary widely and can cost the homebuyer anywhere from a few hundred to several thousands of dollars. It may not be possible to attach a specific figure that any particular property appraisal may cost.

The diversity and the variations in the property appraisal costs arise from the fact that there are different kinds of properties and the appraisals are also done by different appraiser for different purposes. This is not to imply that two appraisals of the same property by different appraisers will have a significant difference, but the figures will definitely vary, albeit with a small margin but they will never be the same.

According to Kelly Kellogg of Winter Park, Florida, a standard appraisal cost in the market may be between $450 and $550. By contrast, the appraisal cost for a more complex property may be anywhere between $1,200 and $1, 400. Evidently, two things are clear when considering the cost of property appraisal according to Kelly. First of all, the cost of the appraisal will be determined by the scope of the work. It implies that for less detailed works, the appraisal cost will lower than when a more detailed and a complex appraisal is needed.

Secondly, the property appraisal cost is also determined by length of duration of the appraisal. For example, a 1,000 square foot property will take less time to assess and measure and the research will not be time consuming because it is easy to find comparable properties which can be used to assess the subject property quickly.

By contrast, appraising a 5,000 square foot property can take a relatively longer time because it involves a lot of measurements and assessments. The appraiser may also have to “spread out the radius” when trying to find comparable properties to use in the appraisal and this may take a lot of time, hence higher property appraisal cost.

The other factors that may potentially affect the appraisal cost include but are not limited to the following-:

• The type of property being appraised
• The location of the property i.e. a property in a lakefront may cost more to appraise than an apartment block in the middle of the city.
• The amount of acreage attached to the property
• The extent of the damages or repairs done to the property
• The rates of the individual appraiser. Some are relatively affordable while others are unnecessarily expensive.

The appraisal fees may be assessed early in the sales process or it may be one of the many fees under the closing fees. This is the kind of fees and expenses that seller and buyers pay at the end of transactions.