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The Cost You Need To Pay For Home Appraisals

Having a professional home evaluation done is an essential step to selling your house, determining your property value and determining how much you’ll be eligible for in the event you decide to take another mortgage out on your dwelling.

Of course, getting a professional Los Angeles appraiser for your home can be expensive. There are a variety of factors that determine the expense of a house appraisal. Here are the various factors that could contribute to the overall cost of your home evaluation:

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What type of Appraisal do you wish to have done?

There are different kinds of professional appraisals that can be performed on your house, but the most common is the URAR (Uniform Residential Appraisal Report).

There are also shorter appraisals, frequently referred to as the ‘Drive By Appraisal’ due to the little quantity of time spent analyzing the property and these can cost less. Not all lenders or banks will accept these briefer appraisals, though. Be certain that you check with your creditor when you’re deciding which one to get.

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What type of property do you have?

The type of property being appraised will also figure into the total cost of this appraisal. According to an experienced Los Angeles CA property appraiser, usually multi-family properties will cost more to evaluate than a condo or single family home.

What’s the value of your house?

Yes, this is one of those things you are having appraised, but typically the higher priced pieces of land will have a bigger appraisal cost compared to lower priced pieces of land. If your house and property are worth more than five hundred thousand dollars, your appraisal will cost more.

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What is the property used for?

A piece of property that is used to create Income will cost more to evaluate than a piece of property that’s not used for such a purpose. An appraisal of rental property would include a lease survey in addition to an income statement for the property.

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