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Antiques and Jewelry Appraisals questions, answered by experts
Some appraisers hold a Member of the Appraisal Institute designation. This accolade is the highest credential property appraisers can earn. An MAI appraisal is typically used for commercial properties.
While your lender will likely recommend an appraiser, you can also hire a professional home appraiser on your own. Choose someone who is experienced in your type of residential property, and ensure they hold all of the necessary credentials that your state or region requires.
Basement bedrooms can count toward your room count and the square footage of your home on an appraisal if they’re fully legal, which means they have proper ventilation and points of egress, as defined by your local building code. Simply partitioning off a space for a bedroom in an otherwise unfinished basement that isn’t a legal living space won’t affect your appraisal value.
The cost ranges from $300 to $500, depending on the property's size and location. Due to their complexity, commercial appraisals may cost more.
The entire appraisal process takes from seven to 10 days. This timeline accounts for the many steps of the appraisal process, including the post-inspection report completed by the appraiser.
Home appraisal services include the following tasks:
Inspect home interior and exterior
Evaluate materials, features, fixtures, and renovations
Review comparable properties
Write an appraisal report
The differences between market value and appraised value depend on the local market, so they can match, or either one can be higher than the other. In a “seller’s market,” where there is an abundance of buyers, market value will likely sit higher than the appraised value because there’s more demand for the low inventory of homes. In a “buyer’s market,” where there are more homes than there are buyers, the market value is more likely to sit below the appraised value to entice buyers.
The Knox, IN homeowners’ guide to antique and jewelry appraisals
From average costs to expert advice, get all the answers you need to get your job done.
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