Using residential appraisal services will be necessary for almost everyone at some point. If you are buying or selling a property, you will most likely have to have your property appraised by a lender. If you are refinancing the property or getting a home equity loan, the property will also have to be appraised. If the lender orders the appraisal, many people pay for the appraisal in the closing costs. If you order the appraisal for your own purposes, you will have to pay for it. Regardless of who orders it, you are essentially paying for it in one way or another. Therefore, you should know about how much appraisals cost so that you can make sure that you are not overpaying. Here are a few things to consider.
Your average appraisal will cost somewhere between $200 and $500. Sometimes, you will be able to get a drive-by appraisal for less than $100, and sometimes a big property will merit a bill above $500. However, most of the time it will be in that price range, depending on your area.
Some things that affect the price are the size of the property, the depth of report that is requested, and whether or not it is a multifamily residential property.