Table of Contents

10 min read Nov 28, 2022

How Much is a Home Appraisal in Minnesota

How much does a home appraisal cost in Minnesota

How much does a home appraisal cost in Minnesota? Well, that depends on several factors! The best way to know the costs is to contact an appraiser directly and get a quote from them. However, most homeowners and homebuyers want to have an idea before they contact an appraiser, just to ensure they can plan their budget accordingly.

We provide a detailed guideline to help you understand the approximate costs involved.

What is a Home Appraisal?

A home appraisal is a visual assessment of the property to determine its current value. A qualified appraiser will look at your home’s condition and consider factors like location, size, neighborhood, market conditions, and more before preparing a report.

A qualified appraiser is an unbiased party and will provide the most accurate appraisal based on a number of factors. The appraisal cost in Minnesota depends on how many items are on the appraiser’s checklist. Different appraisers have different approaches to this assessment.

» Home Appraisal: What you need to know about home appraisal, including process, costs, and why you should get one.

Types of Home Appraisals

There are different types of appraisals available to homeowners and buyers today. In most cases, a mortgage lender will require a traditional comprehensive assessment but it is a good idea to be aware of the options.

1. Desktop Appraisal

This is a very basic type of appraisal that doesn’t even involve a visual inspection of your property. The appraiser will look at the data available publically about your property, its neighborhood, recent sales in the area, and other relevant factors to come up with an estimate. A desktop appraisal only costs around $75 to $200, which makes it a cheaper alternative to other options. Many mortgage lenders will not accept this evaluation but it is a good way to determine your home’s value in advance.

» Purpose of Title Insurance in Minnesota: Buyers will need title insurance after they get an appraisal and inspection done. We explain why you need it.

2. Drive-By Appraisal

A drive-by appraisal has become popular in recent years. It involves a visual assessment, even if the appraiser doesn’t actually step into your property. The appraiser will rely on the information they collect from available data and the visual inspection to come up with an estate value. This isn’t considered a comprehensive evaluation so mortgage lenders will not accept it. However, this type of appraisal can be used for refinancing, line of credit, or foreclosure. They cost around $100 to $150, which makes them very affordable.

3. Hybrid Home Appraisal

This model has become very popular in recent years because it is very efficient. It involves two people; one enters the property and does a full visual inspection. The other analyzes the data collected by the first appraiser and compares it to comp values before preparing a report. While most mortgage lenders don’t accept this form of appraisal, many have started to. It can cost anywhere between $250 and $375.

4. Traditional Appraisal

This is the most comprehensive assessment and it provides the most accurate estimate of the property value. The process involves a full visual inspection of the property. The appraiser will walk through the property and make note of all concerns. They will also collect the data available, including recent sales of similar properties in the area, to get an approximate value of your home. A full appraisal can cost anywhere between $375 to $1,200, depending on the type of loan and property you have.

» MN Property Inspection: If you want to get a more comprehensive assessment of the property, you need to book a home inspection in Minnesota. We tell you everything you need to know.

How Much does a Home Appraisal Cost in Minnesota?

As we have mentioned before, the cost of an appraisal in Minnesota can depend on several unique factors. Let’s look at some estimates so you have a clear idea:

1. Average Costs

The average cost of home appraisal in Minnesota is around $350 – $400. This depends on your location in Minnesota and on factors like property size, loan type, and appraisal checklist complexity.

» How to Calculate Closing Costs for Buyer in Minnesota: Want to calculate the overall closing costs for buyers in MN? Use our handy calculator for this purpose.

2. Conventional Loan

If you’re applying for a conventional loan from private mortgage lenders, you may need to pay around $350 – $400 for the appraisal. Private lenders require a basic checklist and the evaluation process is straightforward.

» Steps to Get Preapproved for a Mortgage: A preapproved mortgage can help you find a prospective home quickly.

3. FHA Loan

FHA and government-backed loans have specific requirements, which is why the appraisal costs can be a bit higher. Because of the downward trend in the MN housing market, you will have a better chance of getting an FHA loan than a conventional loan. On average, you can expect to pay anywhere between $400 and $1,000 for a home appraisal in Minnesota if you’re applying for an FHA or USDA loan.

4. VA Loan

The Department of Veteran Affairs also has some specific requirements. If you’re applying for a VA loan, you will need to hire a VA-approved appraiser and spend anywhere between $450 to $725 for a comprehensive assessment.

» Discount Real Estate Brokers Minnesota: Want to save money on agent services? Consider getting a discount real estate broker.

5. Single-Family and Condo

The cost of appraisal in Minnesota will also depend on the size and type of property. You can expect to pay around $241 to $382 to get a single-family home or a condo appraised. Professionals usually charge an hourly rate for larger and more complex properties. For example, appraising a large ranch in Minnesota may cost as much as $3,000.

» Home Appraisal Checklist: Get an idea about what’s included in a home appraisal checklist so you can be better prepared.

Home Appraisal Fees by Size

Size also plays a role when calculating the appraisal fee in Minnesota. The bigger your house is, the higher the appraisal fee. We have some approximate estimates of how much you need to pay depending on the size of the property.

  • 1200 sq ft: $250-$350
  • 1400 sq ft: $325-$425
  • 1700 sq ft: $375-$500
  • 2000 sq ft: $425-$525
  • 2500 sq ft: $500-$600

» How to Prepare for Home Appraisal: If you have a big property, ensuring it is ready for an appraisal can be overwhelming. We have some tips for you.

Who Pays for Home Appraisal?

It depends on who is ordering the appraisal. If a mortgage lender is ordering it, the buyer will have to pay for the home appraisal in Minnesota. If the seller wants to get their property appraised before a sale, they will have to pay for the process. Sometimes a buyer may negotiate with the seller to cover these expenses but that’s not always the case.

» Who Pays Real Estate Closing Costs in Minnesota: Want to know who pays closing costs in Minnesota? We explain the process.

How to Find a Home Appraiser in Minnesota?

Finding a reliable home appraiser in Minnesota isn’t very difficult. You can simply search online and pick the highest-ranked appraiser available. You can look at our ‘home appraisers near me‘ page to find a few certified professionals in your area as well. There are a few things to keep in mind when picking an appraiser:

  • Make sure they are licensed or certified.
  • Look at reviews to ensure they are unbiased and won’t favor any party.
  • Check with the local BBB to determine how trustworthy the private appraiser is.
  • If you are applying for a VA loan, you will need a VA-approved home appraiser.

A good appraiser will provide a straightforward and accurate valuation of the property so you can make an informed decision.

» Minnesota Home Inspector: Do you need a home inspector as well? We have a list of options for you to consider.


The average Minnesota home appraisal cost is between $350 – $400 for traditional, full-scale appraisals. You can consult with your lender or real estate agent to determine which type of appraisal is a good choice for you. We recommend a traditional appraisal because it provides the most accurate valuation.

» Homes for Sale by Owner in Minnesota: Looking for a new home? Consider looking at these For Sale by Owner properties.

Eager to Know How Houzeo Works?

We’ve got you covered. Check out the following video to understand how Houzeo works and read some For Sale by Owner websites reviews to know more.

What is Houzeo?

An overview of what the platform is all about

Start Your MLS Listing NOW!

» NEED MORE CLARITY? Read these exclusive Houzeo mobile app reviews and learn why it is one of the best FSBO sites in America.

Frequently Asked Questions

1. When should I get my home appraised?

If you intend to sell your property, we recommend getting an appraisal before placing it on the market. That will ensure you can price your property accurately.

2. Why is my house appraisal so low?

Several factors can lead to a low appraisal like home condition, neighborhood, the state of the local real estate market, and more. We recommend doing your own research to determine whether the valuation is according to the market trends in your neighborhood. You can also get a second opinion.

3. Can I get a home appraisal for free?

You may be able to get a basic desktop appraisal for free. Some homeowners conduct their own research into market and comp data to determine their property's value. While this can help you save money, the estimate may not be very accurate.

4. How long is my appraisal valid for?

Your appraisal is valid for around 90 days. If the appraisal is too old, the lender will request a fresh one to ensure the valuation is up to current market standards.

Also Read

» What is the Average Cost of Home Inspection in Minnesota: Wondering about the home inspection costs in Minnesota? Look at our post to know more.

» How Much are Home Closing Costs in Minnesota: Know more about closing costs in Minnesota before proceeding with a real estate transaction.

» Best Time to Sell a House in Minnesota: Planning to sell a house? We recommend considering when to sell it carefully.

» Sell my House for Cash in Minnesota: Want to sell your home quickly and for cash, we have some tips for you.

» Title Insurance Fee in MN: We explain the title insurance fees in Minnesota in detail.

Resources for Buyers

» Buying Property in Minnesota: Buying a property is a big investment. Consider the best time to buy a home before committing to it.

» Requirements for Buying a House in Minnesota: We explain the requirements to buy a house in Minnesota.

» Minnesota Mortgage Brokers: Don’t have a lender yet? We have a list of mortgage brokers in MN and they can make the mortgage application process easier for you.

» Minnesota Real Property Disclosure: Sellers need to disclose important facts about the property to buyers.

Resources for Sellers

» Closing Cost Calculator Minnesota Seller: Want to understand the closing costs for sellers? Use our calculator for this purpose.

» Minnesota MLS Flat Fee: Listing your property on a flat fee MLS service can help you save money on agent commissions. We recommend these Minnesota flat fee listing companies to help you find the best deal.

» Selling a House by Owner in Minnesota: It is possible to sell a house without a real estate agent’s help. We explain how you can do that.

» Real Estate Websites in Minnesota: If you want to sell a house, you may want to consider looking at these real estate websites in MN.

Related: how much does a home appraisal cost in Minnesota, cost of a home appraisal in Minnesota, home appraisal cost in mn, how much does a home appraisal cost in mn, appraisal cost minnesota, appraisal fee in minnesota, how long is an appraisal good for in minnesota, Minnesota appraisal requirements, Minnesota home appraisal, houzeo, housezo, houszeo, houzzeo, hozeo, home appraisal, home appraisal near me, home appraisal cost, cost of home appraisal, home appraisal cost near me, cost home appraisal, average cost of home appraisal, home appraiser cost, home appraisers cost, home appraiser near me cost, local home appraisers, how much does home appraiser cost, home appraisal estimate, va home appraisal, fha home appraisal, cost for home appraisal, homelight reviews, flat fee real estate brokers.


Save $20

On Silver & up plans

Use Coupon Code:

Need help? Call us on
(844) 448-0110