How much is home appraisal in New Mexico? 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 New Mexico 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.
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.
» New Mexico Home Inspection Checklist: Like home appraisal, home inspection is also an important aspect of the closing process. Most buyers need to get it done unless they are buying a property as is.
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.
» For Sale by Owner New Mexico: Haven’t picked a home yet and are looking for great homes that are sold by the owner directly? We have a few options for you.
How Much is a Home Appraisal in New Mexico?
As we have mentioned before, the cost of an appraisal in New Mexico 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 New Mexico is around $300 – $475. This depends on your location in New Mexico and on factors like property size, loan type, and appraisal checklist complexity.
2. Conventional Loan
If you’re applying for a conventional loan from private mortgage lenders, you may need to pay around $300 – $475 for the appraisal. Private lenders require a basic checklist and the evaluation process is straightforward.
» Get Preapproved for a Mortgage: Getting a mortgage preapproved makes it easier for people to find the ideal home. We explain how you can do that.
3. FHA Loan
FHA and government-backed loans have specific requirements, which is why the appraisal costs can be a bit higher. These loans are a good option in a slowing NM housing market. On average, you can expect to pay anywhere between $400 and $1,000 for a home appraisal in New Mexico 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 $700 to $1000 for a comprehensive assessment.
5. Single-Family and Condo
The cost of appraisal in New Mexico 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 New Mexico 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 New Mexico. 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 broker New Mexico requires it, the buyer will have to pay for the home appraisal in New Mexico. 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 Closing Cost in New Mexico: Want to know who needs to pay closing costs in New Mexico, we have a detailed post to help.
How to Find a Home Appraiser in New Mexico?
Finding a reliable home appraiser in New Mexico 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.
» Low Cost Realtors: Looking for affordable realtors to save some money on closing costs? You can increase your chances of scoring a good deal during negotiations with a low-cost agent.
Conclusion
The average New Mexico home appraisal cost is between $300 – $475 for traditional, full-scale appraisals. You can consult with your lender or top real estate companies in New Mexico to determine which type of appraisal is a good choice for you. We recommend a traditional appraisal because it provides the most accurate valuation.
» New Mexico Real Estate Seller’s Disclosures: Look at what sellers in New Mexico need to disclose during the sale.
Eager to Know How Houzeo Works?
We’ve got you covered. Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites in the U.S.
» NEED MORE CLARITY? Want to know more about Houzeo reviews? 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
» How to Sell Your Home by Owner in New Mexico: Want to sell a property without an agent? Read our handy guide to get a clear idea.
» Cash Home Buyers in New Mexico: Many companies buy houses for cash. If you wish to sell a house quickly and get cash, we have some options to recommend.
» Title Insurance in New Mexico: Getting a title insurance is an important aspect of the closing process as well. We explain the process in detail.
» Best Time to Buy a Home in New Mexico: Knowing the best time to sell a property can help you secure the best deal. Read our post on it.
Resources for Buyers
» What Closing Costs do Buyers Pay in New Mexico: Wondering about other costs as you pick your dream home? We explain all of the closing costs in New Mexico in detail.
» Buyer Closing Cost Estimator New Mexico: Worried about closing costs? We have a handy calculator to help you.
» How Much is a House Inspection in New Mexico: The average home inspection cost in NM is $350. Read further to know more details.
» How to Start Flipping Houses in New Mexico: Do you want to purchase a property to flip it? We have a guide to help you with the process.
Resources for Sellers
» Flat Fee MLS New Mexico: Do you want to sell a property and wish to save money on agent commissions? We recommend looking at a New Mexico flat fee MLS service.
» Seller Closing Costs New Mexico Calculator: Want to determine the overall seller closing costs in New Mexico? Use our handy calculator for it.
» Selling House As Is in New Mexico: Want to sell your house as is, without spending money on repairs? Look at our post on how to do that before making a move.
» New Mexico Sellers Closing Costs: Take a look at all of the closing costs you need to consider when you sell a house.
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