Question:

How can I determine how much a home appraisal costs?

Answer:

There are certain appraisal factors to consider when evaluating how much a home appraisal costs. One of them is the type of the appraisal report. The most common and preferred among lenders is the URAR (Uniform Residential Appraisal Report). It will come out more expensive as compared to the less popular and less accepted among mortgage companies Drive By Appraisal. The Drive By Appraisal will be also less detailed compared to the URAR.

Bigger and higher-priced properties will also cost more to evaluate, compared to single-unit houses and condominiums. If there isn't a large availability of property appraisers in the area or the property is difficult to access, this will also make home appraisals costs increase.

Another factor that will certainly affect the home appraisal costs is whether the property is rented or not. Income generating properties may cost more in appraisal fee than regular owner occupied ones, since the appraisal report will include additional information – at least a rent survey and the property's income statement.

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