If you are in the process of buying a home in Illinois and utilizing mortgage financing, one key cost to budget for is the appraisal fee to assess the property’s fair market value. But what is the typical cost range for a standard professional appraisal on a house?
What Does A Home Appraisal Cost?
Home appraisal fees in Illinois range from $450 to $650, influenced by factors such as home value, appraiser experience, property type, scope of work, location, and property complexity. The average cost of appraisal for a standard single-family home is around $600. The buyer typically pays these fees at the time of inspection.
Factors Impacting Appraisal Fees
Appraisal fees depend upon the home value, appraiser’s experience, property type, scope of work, geographical location, and property complexity. More expensive homes, experienced appraisers, larger types of homes, detailed inspections, urban areas, and unique properties tend to increase the cost.
1. Home Value
Appraisal fees tend to be higher on more expensive properties. Expect appraisal costs around 0.15% to 0.30% of the home’s value. For example, a $600 fee for a $200K house.
2. Appraiser Experience
More experienced appraisers who have higher certifications or designations (such as state licensing, MAI, SRA, etc.) often charge slightly higher appraisal fees. Newer trainee appraisers typically cost less.
3. Property Type
Condominiums, townhouses and manufactured homes tend to cost less for an appraisal inspection. A standard single family home is generally the most expensive property type to appraise.
4. Scope of Work
A more detailed appraisal with extra comps or a second inspection may increase cost versus a standard appraisal with traditional reporting.
5. Geographic Locale
Appraisal fees in larger metro Chicago areas and counties tend to run higher than smaller rural Illinois markets outside the city.
6. Property Complexity
Appraisal costs can also rise when it comes to highly unique homes, acreage properties, homes with many outbuildings, unfinished basements or attics, multi-unit configurations, accessory dwellings, etc., due to additional time required.
Average Appraisal Fees
In Illinois, the average appraisal fee for a standard single-family Illinois home will run from $450 to $650. Buyers looking at higher-end luxury properties above $500K+ or in prime metro Chicago locations can expect to budget closer to $550 to $700 for the appraisal inspection report.
Learn how long does a home appraisal take, when is the appraisal ordered in the loan process and what are the appraisal disclosure requirements.
Who Pays the Home Appraisal Fees?
As the buyer, you will pay this appraisal fee directly to the appraiser (or indirectly through the lender) at the time of inspection. Appraisal costs are negotiable, so compare multiple quotes. And ensure your chosen appraiser is properly licensed and very familiar with valuing homes in your specific local market area.
