The Cost of Orange County Property Appraisal

Posted by: Nader Malek  :  Category: Orange County Appraisal, Orange County Property

A lot of property owners are surprised to see the professional fee of having an Orange County property appraisal. You have to take in mind that an appraisal of your property will be for your benefit. It is beneficial for both the buyer and seller of a real estate property in case there is a transaction between the two. Lenders also look for an appraisal report before you can even borrow money from them. If you compare the cost of having an Orange County property appraisal and the benefits it can give you, as the buyer, seller or lender, you will see that the advantages outweigh the disadvantages.

For first time property owners, you should know that there are different types of Orange County property appraisal used. The most common of which is known as the Uniform Residential Appraisal Report or URAR. Another type of appraisal is known as the Drive By Appraisal. URAR is understandably more thorough than the Drive By Appraisal although it is more expensive. You should find out first if your lender accepts the Drive By Appraisal method or not before undergoing it.

Another factor that should be consider in getting the cost of Orange County property appraisal, aside from the type of appraisal method, is the type of property to be appraised. Single family home in Orange County is less expensive in terms of appraisal compared to the cost of having an apartment unit in Orange County appraised. The bigger the property, the more expensive it will be. Location matters as well. If you are located on Orange County main street or business district, your appraisal cost will be more expensive. Commercial properties have higher appraisal rate than those of residential units.

The cost of Orange County property appraisal will also depend on the value of the property. If there are two houses located in the same street that are similar in size, one property may still have higher appraisal cost because of the material made, the way the structure is built or if it is located in a corner lot. The variations of appraisal cost are not that big if you do not pass the $500,000 mark. It would typically range from $300 up to $600.

The use of the property will also play a role when determining the cost of Orange County property appraisal. Family home is the most basic and the least expensive one in terms of family use. If you tag the property as income generating, like apartments and rental homes, you will incur an increase in appraisal cost. A single family home that is under the $500,000 mark can acquire an appraisal cost of approximately $400. On the other hand, a property of similar value that is used as income generating will cost $100 more than the usual.

As you can see, there are a lot of factors in determining Orange County property appraisal cost. If this article did not give you the exact figure, at least you have an idea more or less how much you can get your property appraised. Also, now you know why you have to get a professional appraiser to do the job.

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