Most fall somewhere around $600-$1,000, with costs based primarily on the geographical area of the home. While home appraisal costs can vary by state and property size, the fee can range between $300 and $1,200. They must take into account all factors that influence a home’s value when developing the market value opinion in the appraisal report. It’s the appraiser’s job to provide a factual, unbiased and detailed description of the property and the neighborhood. For most loans, the lender obtains a signed and completed appraisal report that accurately reflects the market value, condition and marketability of the property. The lender is responsible for ensuring that your home provides adequate collateral for the mortgage. Appraisals are an essential part of the home financing process, ensuring the homebuyer, seller and mortgage lender each have an impartial, consistent and accurate assessment of the value of the property under consideration. What Is a Home Appraisal and Why Is It Important?Ī home appraisal is an unbiased report on the value of your home performed by a trained and state-licensed individual. But first, let’s quickly cover the basics of home appraisals. We put together a checklist of our top tips below. You may feel that the appraisal process is out of your control, but there are many easy and inexpensive ways to get both yourself and your home ready. While the FHA and VA requirements vary, in general they are limited to obvious health and safety items as noted in the FHA or VA handbooks.Whether you’re selling your home to begin a new adventure or refinancing your existing home, getting an appraisal with the value you want is an important hurdle to clear. Maintenance: Be sure to inform the appraiser ahead of time if there are repairs in process on the property.įHA and VA Inspection Items: If your borrower is applying for either an FHA or VA loan, we strongly recommend to ask your appraiser if there are extra things that should be done before they come. Housekeeping: Appraisers see quite a few of homes a year and are no strangers to clutter, but appraisers do need to be able to see all parts of your property. For commercial properties, be sure tenants will be able to make their space fully visible/available. Make sure that all areas of the home/building are accessible (including the attic and crawl space if this is for an FHA or VA loan). Once the appraiser has arrived, you do not need to accompany them along on the entire site inspection, but it's helpful be present to answer questions about your property and be willing to point out any property improvements or features.Īccessibility: Appraisers are very detailed in their inspections. Information about any "Homeowners Associations" or, if applicable, condo covenants or fees.Ī list of "proposed" improvements if the property is to be appraised "as complete".įor multi-family (rental) and commercial properties, income/expense history, copies of leases and/or rent rolls are also typically needed. Information about major property improvements and upgrades, the amount of their purchase and date of their installation (for example, the addition of energy efficiency upgrades, carpet, HVAC, roof repairs, etc.)Īny information regarding a current listing of the subject if it is for sale. Written property agreements, such as a maintenance agreement for a shared driveway or common wall.Ī list of any personal property or equipment that will be left behind and sold with the home, such as an kitchen appliances or business equipment in the case of commercial properties.Īny paperwork, such as a title policy with information on encroachments or easements encroachments or easements.Īny inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well (if applicable). Records or information on the latest purchase of the property, particularly in the last three years. Veritas Appraisals and Consulting, LLC's appraisal checklist: To help the appraisal go as smoothly as possible we generally recommend to have these documents, if available, ready for the appraiser:Ī plot plan or survey of the house/building and land (if readily available).
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