How much is home appraisal in Rhode Island? 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 Rhode Island 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.
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.
How Much is a Home Appraisal in Rhode Island?
As we have mentioned before, the cost of an appraisal in Rhode Island 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 Rhode Island is around $375 – $425. This depends on your location in Rhode Island and on factors like property size, loan type, and appraisal checklist complexity.
» Buyers Closing Costs in Rhode Island: Want to understand the average closing costs for buyers? We recommend using our calculator to make things easier.
2. Conventional Loan
If you’re applying for a conventional loan from private mortgage lenders, you may need to pay around $375 – $425 for the appraisal. Private lenders require a basic checklist and the evaluation process is straightforward.
» Steps to Get Preapproved for a Mortgage: The amount you can borrow for your mortgage is determined by pre-approval. Read this blog to know more about the mortgage pre-approval process.
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 with slowing Rhode Island real estate market trends. On average, you can expect to pay anywhere between $400 and $1,000 for a home appraisal in Rhode Island 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 $600 to $775 for a comprehensive assessment.
5. Single-Family and Condo
The cost of appraisal in Rhode Island will also depend on the size and type of property. You can expect to pay around $295 to $468 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 Rhode Island 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 Rhode Island. 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 Rhode Island. 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 Rhode Island: Do you want to know who pays overall closing costs in Rhode Island? We have a post that can help you.
How to Find a Home Appraiser in Rhode Island?
Finding a reliable home appraiser in Rhode Island 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.
» For Sale by Owner in Rhode Island: Still looking for a good home? Take a look at some of the beautiful For Sale By Owner homes in Rhode Island.
The average Rhode Island home appraisal cost is between $375 – $425 for traditional, full-scale appraisals. You can consult with your lender or real estate agent RI to determine which type of appraisal is a good choice for you. We recommend a traditional appraisal because it provides the most accurate valuation.
» Rhode Island Seller’s Disclosure: Along with an appraisal report, you also need a seller’s disclosure to make an informed decision regarding a property purchase.
Eager to Know How Houzeo Works?
We’ve got you covered. Check out the following video to understand how Houzeo works. Also, look at some of the For Sale by Owner websites reviews in the U.S to know more.
What is Houzeo?
An overview of what the platform is all about
» NEED MORE CLARITY? Read these exclusive Houzeo 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.
» Rhode Island Multiple Listing Service: Check out the rankings of the best listing companies in Rhode Island.
» Flat Fee MLS Listing Rhode Island: Take a look at our flat fee MLS options.
» Top Real Estate Companies in RI: Discover top real estate companies in Rhode Island & get yourself a place in RI.
» How to Buy a House in Rhode Island with Bad Credit: Got a low credit score but want to buy a house? Check out this blog to understand how to buy a house even with bad credit in Rhode Island.
» How to Flip Houses in Rhode Island: House flipping is a profitable option for buyer investors. Read our comprehensive guide on how to flip a house successfully.
» RI State Inspection: Know everything you need to about home inspections in Rhode Island and how they can help you make an informed decision.
Resources for Buyers
» Best Mortgage Brokers in Rhode Island: Find the best mortgage brokers in Rhode Island to help you find the best loan deals.
» Rhode Island Closing Costs: How much are closing costs in Rhode Island? Read our blog to know more.
» Real Estate Agents Low Commission: Looking for a low-commission real estate commission to save yourself and the buyer some money? We have a few options for you.
» Buying a House Rhode Island: Learn how to buy a house in Rhode Island and prepare yourself for a smooth and successful real estate purchase.
Resources for Sellers
» Seller Closing Cost Calculator Rhode Island: Want to know the closing costs for sellers in Rhode Island? We have a handy calculator for you.
» Sell a Home Rhode Island: Selling a house in Rhode Island can be a bit complicated. Here is a guide to help you execute the home-selling process seamlessly.
» Selling House As Is in Rhode Island: Selling a home as is in Rhode Island means that the buyer would accept your home in its existing condition. Read To Know More.
» Sell My House As Is For Cash: Want to sell a house fast for cash? Read this blog to find out the best companies in 2023.
» Can I Sell My House By Myself Rhode Island: From pricing to listing to managing showings and to negotiating offers. Here’s our guide on how to sell a house by owner in Rhode Island.
» Home Staging Resource: Staged home sells $40,000 above the listing price. Maximize your profits with the best home staging companies in Rhode Island.
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