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Real Estate Agents questions, answered by experts

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

Your home insurance company may allow you to use an appraisal instead of an inspection when you apply for coverage. Keep in mind that despite this, an appraisal is far less detailed than the different types of home inspections available and may not reveal potential risks that you’ll want to know about.

The age of the well, installation methods, and maintenance logs can affect your home insurance premiums and any potential future claim. Mortgage companies can request proof of water quality before they approve the loan. Review all well information, including the Shared Well Agreement, before you make an offer to purchase.

While it's smart to save up about 25 percent of the price of a home—to cover the down payment and closing costs—many loans require between less than 3% down to qualify. In either case, you'll need between 3 and 6 percent for the closing and moving costs as well as a strong financial history for mortgage approval.

Around 1-2 weeks, including inspection and reporting time for an official evaluation.

The Fort Sumner, NM homeowners’ guide to real estate services

From average costs to expert advice, get all the answers you need to get your job done.

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