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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

Increases livable area and enhances aesthetic, often boosting property appeal.

Termite damage isn’t always a deal breaker when buying a house, but don’t dismiss it. If that’s the case, you should hire a professional termite inspection to understand the extent of the damage, type of termite, state of repairs, and whether the infestation is gone.

If the termites are gone and the current owners repaired the damage, you might want to proceed. You may even be able to use the damage as a bargaining point. However, don’t forget that home insurance policies often don’t cover termite treatment or repairs and active infestations are tricky to shift.

By increasing square footage and functionality, resale appeal is enhanced.

Appraisals can come in above or below the list price or offer price for a property, and where it falls depends on many factors. Those include the condition of the property, the location, and the age of the home, but often, the condition of the market is the biggest determining factor. Where demand is high for properties, buyers compete with each other for homes, which tends to drive up offer prices above where appraisals come in. Where demand is low, you’ll often see the opposite happening.

The Vanderwagen, NM homeowners’ guide to real estate services

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