Question:

What is property appraisal cost based on?

Answer:

Firstly, property appraisal cost depends on the report ordered – whether it is the detailed URAR (Uniform Residential Appraisal Report) or the cheaper but also less reputable Drive By Appraisal. Although some lenders would accept the abbreviated Drive By Appraisal report, it is recommendable that your property appraisal is based on the URAR.

For determining your property appraisal cost you should expect that single-unit and condo properties cost less in appraisal, compared to homes of greater square footage. Also, if your property was last priced at over half a million you cannot expect to pay $350 in property appraisal, as would be normal for a home half this price.

Property location and accessibility also come into play when determining the property appraisal cost. Properties in remote locations will have a trip fee added to the bill.

Also, for a rental property the appraisal cost would fall into a range of $150 greater than the appraisal cost of owner occupied property of the same size.

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