Having an independent appraisal done on a property before you make an offer is a good idea. It’ll tell you what the property is worth and help ensure that you don’t pay too much. Your lender can also ask for a recognized appraisal to complete a mortgage loan.
The appraisal should include the following 3 things:
- Unbiased assessment of the property’s physical and functional characteristics
- Analysis of recent comparable sales
- Assessment of current market conditions affecting the property.
Appraisal fees may vary but you shouldn’t pay more than $250–350 in most areas for a typical single-family house.
If you’re interested in having an appraisal done on your current home or a potential new home, let us know. We have preferred appraisers we’d be happy to refer you to.