How Much Does a Home Appraisal Cost in Chicago?

If you are a homeowner in Chicago, or even if you are looking to buy your first home, you will come across a home appraisal at least once. You may be wondering what it costs to get an appraisal of your home.

If so, you are at the right place. In this blog, we are going to cover what Chicago home appraisal companies commonly charge for their services. Although the exact price you may pay will depend on several factors, you should get a good idea of what it’s gonna cost.

Average Home Appraisal Costs in Chicago

The average cost of an appraisal varies by house and location. We cover those points in more detail in the following sections. Below, we give the general prices based on the category of the property:

• Condo: $350-500
• Single-family home: $400-600
• Multi-unit properties: $600-1000+, depending on the number of units. It can also go up to $3000 for large apartment buildings.

Key Factors That Influence Appraisal Cost

There are several factors that influence the cost of your appraisal, some more than others. Below, we briefly cover the main ones:

Property Size and Type

Larger properties or the ones with complex layouts will cost more since they can take a lot more time than usual. Smaller properties will naturally cost less. Homes with simple layouts, like a ranch, will cost lower too.

Location

Your house’s location will also play a key role in your appraisal cost.

Houses in downtown Chicago will cost more, while houses in Chicago suburbs will be relatively lower. Moreover, if you are located in a remote location or one that’s hard to reach, appraisers will charge more.

If your area is considered a hot market with high competition and rapidly changing prices, getting an appraisal will cost you more. That’s because the appraiser will need to do more research to justify a value in such areas.

Your location also plays a role in how long the appraisal lasts. 

Market Conditions

When it’s the seller’s market, i.e., low inventory and houses selling fast, the appraisal costs will be higher. In such markets, appraisers are busier than usual. Creating appraisal reports becomes harder as comparable sales are harder to find, and rapidly appreciating prices make justifying a value harder.

When it’s the buyer’s market, i.e., high inventory and slow sales, appraisals will cost less. In such markets, prices are more stable, and comparable sales are easier to find. This makes the appraiser’s job much easier.

Appraiser Experience & Urgency

As in every other industry, higher expertise and experience mean higher prices. Appraisal costs will vary by appraisal company for the same house. Experienced appraisers will charge more, but they also bring in expertise to the table. Less experienced appraisers and newly established companies may charge less.

Moreover, if you are in a rush and want an appraisal very soon, you will be paying extra.

How To Save on Appraisal Costs

We recommend that you compare multiple appraisers before finalizing on one. Appraisals play an important role in a real estate transaction, so make sure you don’t sacrifice quality in this process. 

Moreover, planning ahead will be a good idea and will save you any rush fee while also giving you plenty of time to shop around.

If you are in the process of finding an appraiser, make sure to give us a try. We will be happy to help you with all your appraisal needs or answer any questions that you may have.