How much does an appraisal cost?

The cost of an appraisal varies based upon the following factors:

• Type of appraisal: The most commonly used appraisal is called the Uniform Residential Appraisal Report (URAR). Some lenders may accept an abbreviated appraisal called the "Drive By Appraisal", which costs less than the URAR.
  
  
• Type of property: Appraisals for single-family homes and condominiums usually cost less than appraisals for multi-unit properties.
  
  
• Value of property: Appraisals for higher-priced homes usually cost more than appraisals for lower-priced homes. If your home value is over $500,000, you can expect to pay more for your appraisal.
  
  
• Location of property: The cost of an appraisal is affected by geographic location and availability of appraisers. In areas where appraisers are few, or the properties are hard to access, appraisal costs increase.
  
  
• Use of property: Appraisals for income-producing properties, for example, usually cost more than appraisals for non-income-producing properties. Rental property appraisals include a rent survey and the property's income statement. Appraisal fees on single-family, owner-occupied homes under $500,000 in densely populated areas vary between $250 and $400. Fees for similarly priced rental properties may vary between $400 and $550.