Tips & Advice
How long does it take to appraise a property?
A physical appraisal is necessary to evaluate a property. Depending on the size of the property, this can take anywhere from 15 minutes to three hours or more.
After this step is complete, the appraiser will need to compare the results against recent area sales of similar properties to draw some conclusions regarding value. A report is provided once the appraisal is completed, and this is typically sent to the client within a week of the property inspection.
How much does it cost to have a property appraised?
On average, it costs roughly $330 to have a property appraised, but those costs can range from a low of $250 to a high of $450 or more. A large estate that requires the appraiser to put in a lot of time and legwork can rack up appraisal costs of more than $1,000. Appraisers charge a flat fee or an hourly rate.
How does a property appraiser evaluate the value of a property?
A property appraiser assesses value by taking into consideration everything that's permanently associated with the property. This includes the property's size and location, and whether it provides a view. If there is a building on the property, the appraiser will look at physical characteristics such as age, the number of bedrooms, and the overall condition of the structure. The appraiser will also consider the value of similar properties in the neighborhood when making a valuation.
Do new constructions require an appraisal?
A new construction home will require an appraisal if it's being financed. This appraisal will enable the mortgage lender to determine if the property's value is commensurate with the size of the loan being requested.
New construction homes can be difficult to appraise. With existing homes, comparable properties are used to establish value. With many new construction homes, comparable properties do not exist, and this can present valuation challenges.
What is a property appraiser?
A property appraiser is a professional who is trained to provide estimates regarding property values, which can used for tax or sales purposes, and it might also be used to assist with financing, property development, or insurance. Property appraisers can be employed by the government or by private companies.