When looking to purchase or sell a home, discussions involving home appraisals keep popping up – Is it really necessary? How much should home appraisals cost? Are they really worth the money? Should I start preparing for a home appraisal? Well, this article is here to answer all your ‘home appraisal cost’ questions! But first, what is a ‘home appraisal’?
A home appraisal is a professional appraiser’s unbiased evaluation of a home or property’s value. It doesn’t matter whether you are looking to buy a home, take out a mortgage for a home, refinancing a mortgage, or are looking to sell your home or property; a home appraisal should be and usually is a required component of the process.
A home appraisal is how you find out the real, actual value of your property. Without appraising your home, you could end up overpaying for a house that is overvalued or end up selling your home without receiving the actual worth of your property.
The answer to our first question, are home appraisals in South-Central Pennsylvania really necessary, is usually yes. They are a requirement for mortgages. There are a few instances where they aren’t mandatory, like when a house is valued under $400,000 – but if you want to make sure you are paying or receiving the actual full value of a home, a home appraisal is a necessity.
How Much Should Home Appraisal Cost?
Quick Answer: Usually, home appraisal cost somewhere between $300 and $400. These prices can vary, sometimes by a lot, as they depend on a whole lot of factors. The size of the home, the location, the complexity of the property, and more. Home appraisals in urban and metropolitan areas usually start above the $550 mark.
Long Answer: To find out and understand home appraisal costs, you’ll have to understand the whole home appraisal process.
Home appraisals are often extensive, usually taking a whole week to complete. The qualified home appraiser in West Virginia has to visit the home. They have to inspect each and every part of the house – the interior and the exterior. They inspect all the fixtures and features, and they also measure the property’s exact square footage. After the ‘physical’ examination, the appraiser then compiles an appraiser report. The appraiser report is made with current market prices (recent sales of similar properties and similar locations) and trends in mind. The process could end up taking longer depending on the appraiser’s schedule and the complexity of the property.
Home appraisers in Maryland normally work on a flat fee, typically between $300 and $400. They can also quote you hourly rates – if your appraiser works for an hourly rate, inquire about their typical costs for a home of your size before starting the job. If your home appraiser states they work for a percentage value of your home, you should probably look for another appraiser as that is an unethical practice.
Factors that could affect home appraisal costs:
Size of the Property: the larger the property, the pricier home appraisals get as it takes longer and becomes more complex.
Damage/Repairs: when a home is damaged or has extensive repairs, home appraisals take longer and require more effort, which makes them more expensive.
Seasonal and Market trends: different seasons and trends can cause appraisal prices to fluctuate. For example, an appraisal in harsh conditions where it becomes difficult to evaluate a property will usually cost more.
Is Home Appraisal Really Worth The Money?
The answer to this question is yes! It doesn’t matter whether you are selling, borrowing, or buying; a home appraisal is absolutely worth it. A home appraisal ensures the buyer isn’t paying over a property’s worth, and the seller makes sure they are getting the full value of their property. It also ensures that you will know the fair market value in this rapidly changing economy. Contact Appalachian Appraisal Services for more information on how much home appraisal cost.