At a glance
What shapes the cost of an appraisal
An appraiser's time and risk change with the job. The main drivers are:
| Driver | Why it matters |
|---|---|
| Property type and size | A larger or more complex home takes longer to inspect and compare |
| Purpose | A report for a legal matter or a lender can require more documentation than a private decision |
| Complexity | Unusual features, additions or a mixed-use property add research |
| Timing | A tight deadline or a past effective date changes the work |
| Access | Hard-to-reach areas or limited availability add scheduling work |
No fixed price applies to every home, so a quote that does not ask about the property is hard to rely on.
What is included in the fee
The fee pays for an on-site inspection, the research into recent comparable sales, the analysis and the written report. Randy M. Sonns describes the process on his residential appraisal page as a consultation, a property inspection, a market analysis, a valuation report and electronic delivery. Ask any appraiser what is included, who receives the report and whether follow-up questions are covered.
Who pays
Who pays is agreed in the engagement. On a mortgage, the lender may order the appraisal and require the borrower to pay for it, and the Consumer Financial Protection Bureau says the lender may charge a reasonable fee for the cost of preparing the appraisal, and that you cannot be charged a fee for copies of it.
Accuracy comes before price
A report that cannot support your decision is not worth its fee, whatever the price. An online estimate costs little, and the Consumer Financial Protection Bureau describes it as a computer-generated value from mathematical models. An appraisal is a licensed appraiser's opinion of value, and in Randy's published process it includes an on-site inspection. The two are not interchangeable when money or a legal decision depends on the number.
To judge accuracy, read the report. It should name the date and the purpose, show the comparable sales and explain the adjustments. If a report will be used in a sale, an estate or a divorce, the stated purpose and date matter as much as the number. The page on how appraisers determine home value explains what to look for.
A practical test of any quote is whether it would still make sense if you explained it to a stranger. It should say what you receive, by when and for what purpose. If the quote cannot answer those three questions, the price is not the problem, the scope is.
How to get a quote that holds
Describe the home as it is: the address, the type, the size, any additions, and the purpose and date of the appraisal. Ask what is included and when you will receive the report. If your question is about a different kind of valuation, read what is a home appraisal first.
Have ready
Questions to ask before you accept a quote
Checklist
- What exactly is included: the inspection, the research and the written report?
- Who will receive the report, and in what form?
- What date will the value apply to?
- How soon will the report be delivered after the visit?
- Are follow-up questions about the report included?
- Does the quote change if the property turns out to be larger or more complex than described?
- What do you need from me before the visit?
An appraiser who answers these plainly is giving you the information you need to compare quotes on the same terms.
Support for refinance, estate and family matters
The same process serves a residential appraisal in Los Angeles for a sale or refinance, and the estate and divorce services cover those purposes. Each has its own purpose and date, which is why the quote asks for them. Short answers are in the appraisal FAQ.