Average appraisal cost

[Kathy Welch]

I am trying to buy a duplex for myself and my daughter.  The lender is out of state and telling me that the cost of an appraisal in Maine is $725.00.  Is that reasonable?

[Howard Klahr]

To address the question posed in the thread title ... there is really not an "average" appraisal cost.  In general appraisal fees are based on the time and complexity of the assignment, estimated turn time to complete the assignment as well as the qualifications of the appraiser performing the assignment.  Rush assignments will command a higher fee and more experienced appraisers will often reflect higher fees than newly licensed appraisers.

No to the specifics, residential multi family properties (2 to 4 units) have a higher appraisal fee than single family homes.  This is due to the expanded scope of work and lender requirements for these type of assignments as opposed to that for a typical single family residential home.  The fee you noted is within a general reasonable range.