We invest in things with the notion of gaining better returns on them. We ensure to minimize any risk factors to maximize the profits. However, in order to understand the ways to maximize profits, one needs to find ways to do so. And when it comes to our home, getting an appraisal is the best way to determine the value of the house and improve our luck on profits.
But again, not everyone has proper information in regards to the appraisal. And this certainly leads to many misconceptions. In fact, many people think that appraisal costs a lot, resulting in skipping the appraisal part altogether.
So, today, we decided to fill this blog with a few details that give a clear idea of how much it costs to get an appraisal in Los Angeles County.
The typical appraisal cost
There are various factors that influence the final appraisal cost, such as the location, type of property you have, square footage, and type of report you wish to generate based on the purpose of the appraisal.
• For instance, a new construction home that has more than 3,500sq ft. of property can cost anywhere from $250 to $1000. But the average usually sticks around $300 to $500. For instance, United Appraisal Group starts the full-appraisal at $325.
• When it comes to commercial real estate appraisal, the cost can be around $1000 to $5000 and exceed more for complex documents.
• Appraising vacant land can cost $300-$500 or more based on the location and size of the property.
• If a property is financed by the Veterans Administration, then it can only be appraised by a VA-assigned appraiser. You may end up spending anywhere from $400 to $600. It is wise to check the VA regional center to get the best idea.
Additional things that affect the costs
• If you want a quicker turn-around, then you can end up paying a bit more than expected. For instance, some appraisal companies may charge a rush fee of $100 to provide a report in 24-hours.
• Similarly, if your property is outside the standard area appraised by the appraiser, then you may require paying the traveling fees based on the distance. For instance, you may be charged anywhere from $75 to $150.
Discounts offered by the appraisal firm
There are various offered by the appraisal firms that affect the final value.
• For instance, a desktop appraisal that estimates the property value without actual inspection costs $195-$250 at United Appraisal Group. This type of appraisal is worthy only for refinancing purposes.
• A drive-by appraisal in which the appraiser only uses the public record after checking your property from the exterior may cost $275-$295 based on the location, type of property, and square footage.
Over to you
Well, we are sure that by now, you must have got the ballpark idea of how much you will end up paying for the appraisal. Regardless, it is wise to keep in mind that a few dollars spent on the appraisal is better than avoiding the appraisal altogether.