"Hired to do valuation of a manufactured home - not on land. Gave appraisal comparison properties included land. therefore not an accurate valuation. Thought salesperson understood nuance."
Gilbert Garcia has been serving the greater Albuquerque, NM area for over 5 years. We offer prompt and professional service and high quality workmanship to our clients. We have many happy references available.
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"Great- we started in the kitchen, went to the baths, and throughout the entire house. He tested every appliance, checked level of floors, checked fireplace, tiles on floors, inspected heating system, windows, doors, looked at roof, yard, foundation, and had some great suggestions on repairs and improvements. Great job."
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.
Ideally, you’d never pay more than the appraised value for a home, but there are some instances where it makes sense to do so. For example, if your current living arrangements are no longer viable and you need a place to move into quickly, paying more than the appraised value might be in your best interest to secure a new home. Additionally, if you’re buying in a hot market, overpaying for the home might be necessary to overcome the competition.
Appraisals are not mandatory but are helpful for pricing accuracy and negotiation purposes.
The cost to appraise a home depends on the type. Common types include:
Single-family homes: $300–$400
FHA or VA single-family homes: $400–$500
Condominium: $300–$500
Multi-family home: $500–$1,000
Apartment building: $1,500–$3,000
Commercial properties: $1,400–$10,000
Raw land: $1,000–$8,000
While a finished basement adds value to your home, it is assigned a different value than space on the main floors. An appraiser will assess the square footage of a finished basement at about 50% to 60% of the value of the square footage for the rest of your home. Appraisal value for a finished basement depends on your location’s real estate market and the specifics of the basement and how it was finished.
The Dulce, NM homeowners’ guide to property appraisals
From average costs to expert advice, get all the answers you need to get your job done.
Home appraisals are an important part of buying or selling a home and getting a mortgage loan. Learn more about home appraisal costs and what they include.
FHA loans are backed by the government and come with specific FHA appraisal guidelines and requirements. Learn what an FHA appraisal entails in this guide.