Costs Involved in Home Appraisal
Costs Involved in Home Appraisal
It is an unbiased opinion by professionals. The cost involved in home appraisal changes according to the location, size, and type of property. It also depends on the mortgage lender and the bank. The cost of the process lies between $300 and $600. In most cases, when you apply for a mortgage, lenders demand an early deposit to cover the cost of the appraisal. In this way, they keep you invested and make sure you do not approach other agents during the process.
It is observed that home appraisal costs more if you own a multi-unit property or a property in a rural region, than a smaller unit in a populated area. Furthermore, a condo appraisal involves similar costs like general appraisal, although the former is smaller. This is because the appraisers will have to assess the whole complex, which may take the same amount of time. In case the property is a multimillion-dollar home, the appraisal will cost you higher than $1,000. There is also a possibility of a second appraisal in such cases.
