Homeowners frequently get their home appraised when selling or buying a house, but appraisals also come in handy when you are updating your home. Since home appraisers determine the property value, they’re also beneficial before any major home remodeling project. After all, as you have heard before, very few projects bring a positive ROI, but many can raise your property value. As far as determining which ones, an appraiser can certainly help.
Continue reading to see the average home appraisal cost, as well as when and why you should get your home appraised.
Home Appraisal Cost
According to our home appraisal cost estimator, the average price to appraise a home is $300. As you might expect, this price can fluctuate based on various factors. The $300 price tag is based on a traditional, single-family home.
The various factors that can increase or decrease the home appraisal cost are time sensitivity (most important), size of the home, location of the home and availability of area sales. If you need an appraisal right away for something time-sensitive, you may have to pay a premium. If you have a large home sitting on a large lot, the appraisal may take longer and thus, raise the total cost. If your home has no comparables on the market, it may also take longer to complete. Finally, apartments, condominiums or exceptionally large homes may also cost more, upwards of $450.
Fortunately, compared to many other projects we discuss, the $300 price tag is a bargain. Therefore, before spending $20,000 to remodel your kitchen, a $300 appraiser is more than likely a good investment.
Who Pays the Appraiser?
If you are just remodeling your home, as you might expect, you will have to pay for the appraiser. If you are involved in a sale, the situation is a bit different.
A typical loan agreement will contain an appraisal cost. Most likely, the individual accepting the loan pays for the appraisal. However, there are instances where the seller will pay for the home appraisal. For example, if the seller has had issues selling the home or needs to be in a new home by a certain date, they may cover the appraisal, lowering closing costs and ensuring a quick deal. If you are selling a home, this is a great bargaining chip.
What Home Appraisers Do
Appraisers will walk through the entire property, room by room and all around the outdoors and note any irregularities or extra amenities. A home appraiser will also look for health disruptions or outdated safety violations.
When to Call an Appraiser
There are three general times to get a home appraised; before a major home renovation, before you sell a home and before you buy a home.
Why Hire an Appraiser Before Home Renovation
As many of our loyal fans know, professional home remodeling is not cheap. Many projects, including bathroom or kitchen remodeling, start in the thousands and can quickly increase once the project begins. Just like any big project or just getting into shape for the new year, you want to make sure the effort is worth the investment. That is where a home appraiser comes into play. An appraiser can answer questions and make suggestions as to what alterations will have the best impact on the property value and how best to implement the changes without limiting the home's marketability.
Why Hire an Appraiser Before You Sell Your Home
While real estate professionals are great for determining a general range for your sale value, appraisers are the ones who can fine-tune that price down to the nearest cent. For those of you who feel their home is worth more than previously stated, an appraisal will clear things up.
If you are selling your home, make sure you see our 5 Ways To Prepare Your Home For Sale.
Why Hire an Appraiser Before You Buy A Home
On the other side of the coin, before you purchase a home or obtain a loan, you need to see an official appraisal of the property. If you don’t, you could end up paying a premium for a house that doesn’t demand it. Home sellers are out to make the most money and real estate pros largely work off commission. Make sure you all do your homework and get an appraisal.
Home appraisers help determine the value of your home. Whether you are buying, selling or renovating your home, the $300 price tag is well worth the investment.
What are your thoughts on home appraisers? Are they worth it? Feel free to share any and all thoughts related to home appraisers in the comments section below.