When you begin the mortgage-loan application process in order to buy your new home, you will likely need to seek the help of a professional home appraiser to give you and estimated value of your home to be. The appraiser will provide you with information regarding what your home is worth, as well as valuable information about real estate in general. There are a number of costs that come along with getting a potential home appraised, and if you’re not prepared they will add up quickly. Here are some important things to remember about home appraisal costs, for when the time comes for you get your new home appraised.
Pre Appraisal Costs
When you’re getting your new home appraised, it’s important to remember that the condition or quality of the home can greatly impact its appraisal value. In some cases, homeowners prefer to make minor or major improvements to their new home before having it viewed by an appraiser. Those repairs, however, come at a cost. In the long run, whether it be for a leaky faucet or new roof, the costs are quite common for new homeowners and they should not be overlooked.
Ultimately, the cost of a home appraisal depends on many different factors. The size of the home and quality or condition it is in, will play a role in how much your home is appraised for. Additionally, some appraisals that do not require the appraiser to go inside the home tend to be less costly, however they are also much less common. The majority of home appraisals require full inspections. In some cases, appraisers will charge extra for certain costs like if customers require an appraisal within two days of an inspection, etc.
Overall, appraisals can cost anywhere between $250 – $700, although a wide range it is important to remember that it depends on the size and quality of the home. It is important to remember that every lender is different and every loan has a different requirement. A single family home will be less expensive than units. Additionally, if you are getting pre-qualified for a loan, you can ask your lender to provide you with an estimate of what the cost would be for your specific loan type. For more general information regarding home appraisal costs and why they are important, visit here.