Question:

Which factors determine how much a home appraisal costs?

Answer:

Home appraisal costs are determined based on several factors:

  • Chosen type of appraisal

    You might choose to use partial appraisals (also called "streamlined appraisals") if a full appraisal is not required. Streamlined appraisals can reduce not only costs by shaving 70% off the regular appraisal costs, but also time by taking half as long to make the appraisal.

  • Type, value and location of the property

    Another factor that influences your home appraisal cost is the characteristics of the property that is being appraised. You would probably pay more if you need an appraisal for a single-family home instead of a multi-unit property. If your home is a higher-priced one, its appraisal would also cost more compared to the appraisal for a lower-priced home. Additionally, if your house is hard to access or it is located in an area where there are few appraisers, the cost of home appraisal is likely to increase.

  • What the property is used for

    A non-income-producing home's appraisal is likely to cost less than an income-producing home (for example, a rental property).

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: