The process of selling a home can be overwhelming. Add to this the hefty fees associated with the process, and you are truly in for a whopping financial hit.
From real estate agent fees to closing costs, sellers are often forced to spend literal thousands just to see their homes go through the sales-proceeds process. Of all these charges, though, none is perhaps as powerful as the home appraisal cost.
If the appraised value of your home is lower than the sales price agreed upon by you and the buyer, you will have the chance to either renegotiate the sales price or even turn down the offer.
Find out more about home appraisal costs and how you can be better prepared for your own sale by reading this quick guide.
Why You Need a Home Appraisal & What it Costs
The cost of a home appraisal can vary depending on the size and location of the home, but it typically ranges from $300 to $500. Sellers should expect to pay for the appraiser’s time and expertise, as well as any associated costs such as mileage. A home appraisal is the best way to accurately assess the value of your home, and it could end up costing you more money in the long run if you do not have one.
While some sellers may wonder whether ordering a home appraisal is really necessary, the answer is usually a resounding yes. In today’s market, buyers are often looking for any insight they can get into a property’s value before making an offer. An appraisal from a professional appraiser can give potential buyers the peace of mind they need to move forward with an offer.
Factors That Affect Home Appraisal Costs
A home appraisal is an unbiased estimate of the true value of a home. Here are a few factors that affect home appraisal costs:
The size of your home. A larger home will take longer to appraise and, therefore, will cost more.
The location of your home. A home in a rural area will likely cost less to appraise than a home in a major city.
The complexity of the appraisal. A more complex appraisal, such as one that includes a home inspection, will cost more.
The type of appraiser. A certified real estate appraiser will likely cost more than a non-certified appraiser.
Common Home Appraisal Myths Debunked
There are some common misconceptions about home appraisals that can cause confusion for sellers.
One common myth is that the appraiser is working for the bank or the buyer. In reality, the appraiser is working for the seller. They are hired by the seller to provide an unbiased opinion of the value of the property.
Another is that the appraisal cost is set by the appraiser. In reality, the appraisal cost is set by the lender.
Finally, some sellers believe that they need to make repairs or upgrades to their homes before the appraiser arrives. This is not the case. The appraiser is only concerned with the value of the property, not the condition of the home.
Bottomline: Is the Cost of a Home Appraiser Worth the Price?
Overall, home appraisal costs for sellers can be worth it if you are looking to get the most out of your home sale.
It’s important for sellers to be aware of the costs of a home appraisal before listing their property. An accurate appraisal can help you determine the best listing price and avoid any surprises during the selling process.
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