What is the fee for appraisals?

**arenee** · 12-01-2010, 07:47 PM

I own a 3 bedroom, 1.5 bath single family home in kansas. it definitely needs some remodeling (inherited from aunt). would like to change it into a tri-level income producing property. would like to know what the value of the property would be if this is done. what does a realtor charge for this and what is the process in getting it appraised?

**Greg** · 12-02-2010, 05:29 AM

In most states real estate agents can not do appraisals per say. They can give you an estimate of market value for free but when they charge a fee they enter the world of appraisers which is not allowed.

First you should check with the local zoning regulators to see if multi family residences are allowed in the neighborhood. If not allowed then the improvements will lower the value.

If allowed, would the income produced justify the cost of conversion. Talk to some rental companies to see what income the property can produce as is and improved.

Talk to some real estate agents about the value as is and improved. Most of us will do it for free in the hopes of getting the listing down the road.

But first check to make sure you are not breaking any laws which could come back and cost you more money.

**arenee** · 12-04-2010, 03:19 PM

thanks so much. i had done the first and i can legally change the single family home into a tri level. figured i could since the house next door was changed into a duplex. okay, now it's time to find someone to give me some bids on what i'm looking for. thanks again. oh and yes, the income it would bring in is much more than the mortgage payments would be because the house is paid off.

**jlandes** · 12-06-2010, 06:00 AM

You have the option of having an "appraiser" appraise the property which is typically $350. You also have the option of having a realtor doing a CMA (comprehensive market analysis) for free. The appraisal is more accurate and will tell you what you can sell the home for. The CMA is a little less accurate, but can give you a good idea.

**JLNorthOC** · 12-06-2010, 10:55 AM

I would just have a Realtor do a CMA for you if your just looking to see the value of your home. If you are looking to take out a loan then the bank will probably want to have an appraisal done on your house which they would set up anyway.

**agentsranking** · 12-07-2010, 06:51 AM

For a single family property you can expect to pay between $250 and $350 for the appraisal but if you're looking at a multi-unit property you're going to pay more. For your situation I would expect to pay around $500 for the real estate appraisal.

In theory a real estate agent would be able to give you a free market analysis of the property but if you're not planning to sell it, they would be doing you a favor since there isn't anything in it for them

**Jonathan Radford** · 12-08-2010, 06:52 AM

In most states real estate agents can not do appraisals per say. They can give you an estimate of market value for free but when they charge a fee they enter the world of appraisers which is not allowed.

An agent can give you an estimate of current market value and even an estimate of what the house might be worth with certain improvements, but these estimates are not "official" in the way that an actual appraiser's appraisal would be.