Appraisers today typically charge $275-$450 for a simple appraisal of a single-family home. Fees for more complicated appraisals are clearly much higher, sometimes many thousands of dollars. How much and appraiser charges is determined by how much work the appraisal will be. Salary wise, an accredited appraiser can earn an attractive living. Most established appraisers can earn anywhere from $65,000 to over $100,000. Starting salaries for non-designated members are approximately in the $25,000 - $30,000, depending on where you are working.
Facts at a Glance
- The physical inspection of a typical property usually takes about twenty to forty-five minutes. Sometimes an inspection can take longer if the house is difficult to measure or has some unique features that require additional investigation by the appraiser.
- After the initial inspection of the property the appraiser spends time examining or analyzing the neighborhood or area. The purpose of this is to search for other properties that are similar to the property being appraised that have sold recently and examine neighborhood influences. http://www.mass.gov/dpl/consumer/fspagera.htm
Summary of what this Career Entails
In order to do the job to the best of their ability, they will keep abreast of current market trends, the general value of real estate in their area, taxes and special assessments, and all other factors that affect the value of the property.
Examples and or Details of Work
An appraiser will be required to complete an extensive analysis of the highest and property. After the appraiser knows what the best use of the property is he/she can then begin collecting data. This involves physical inspection of the property, measuring the improvements, preparing a site drawing, writing the physical description of the property and other matters which must be stated in the final appraisal report. The appraiser also collects information about comparable sales, income potential, and the cost to reproduce the improvements. Accomplishing these tasks generally requires considerable legwork and travel time. Most clients also insist that the appraiser inspect the property, not just to determine its market value, but also for any defects which must be disclosed to buyers. To complete the appraisal process the appraiser must write the appraisal report. Many properties could be used for various purposes, and the value would be different for each. Selecting which use is the highest and best use is fundamental to the actual appraisal of the property. http://www.merrellinstitute.com/Careers-explained.htm
Degrees that Lead to this Career
A career in Appraisal requires licensing of which is different and varies from stat to state. An appraiser in any of the US states must attend certain classes, pass a state test, and get licensed by the state in order to practice. Even after all this testing and licensing, an appraiser must also attend more classes to get certified for to become an appraiser for VA loans, as well as FHA, and so on. To do this, an appraiser must take courses from accredited and state-approved schools, like the ones below.
Specific Career Opening in this Field
Most common in this field are property appraisers. They measure the value on all types of real property, including houses, duplexes, apartment buildings, and industrial facilities such as warehouses, shopping centers, recreational property, residential acreage and income-generating rural property. Property appraisers observe, research, and analyze the real estate market, as well as the actions of the people who operate within it. They are interested in facts, and will thoroughly investigate the property being appraised.