The Home Appraisal Process and Cost
Because the appraisal primarily protects the lender’s interests, the lender will usually order the appraisal to be done. The borrower generally pays the fee.
An appraisal typically costs several hundred dollars, although the fee can vary depending on the size and condition of the property and the level of detail required.
According to the Appraisal Institute, an association of professional real estate appraisers, a qualified appraiser should be licensed or certified—as required in all 50 states—and be familiar with the local area. Per federal regulations, the appraiser must be impartial and have no direct or indirect interest in the transaction.