If you’re considering an independent valuation for a commercial or residential property, one of your key questions is likely to be “How much does it cost?” Valuation fees vary based on several factors, but having clear cost estimates can help you budget and prepare. This article provides a breakdown of typical fees for common property appraisal services.
Valuation Fees Depend on Property Type
Valuations for different property sectors require appraisers with specialised expertise who utilise specific methodologies. This impacts the fees charged:
- Residential – Single-family homes, condominiums etc. Typically the most affordable valuations.
- Retail – Shops, malls, showrooms. Require analysis of location, foot traffic, sales performance.
- Office – Commercial spaces, buildings, business parks. Need tenant mix evaluation.
- Industrial – Warehouses, factories, distribution centres. Require infrastructure analysis.
- Hospitality – Hotels, resorts, serviced apartments. More complex income assessments.
- Specialist – Farms, nursing homes, petrol stations. Niche knowledge needed.
Property Size and Value Impacts Fees
Larger, higher-value properties generally have higher valuation fees. More extensive analysis is required for:
- Bigger buildings in terms of gross floor area.
- Sites with large land areas or external elements.
- Properties worth over $5 million.
- Portfolios with multiple assets.
Level of Detail Affects Costs
More exhaustive, detailed valuations cost more than basic appraisals:
- Desktop – Relies on available property data. Most affordable.
- Drive-by – Appraiser briefly inspects exterior.
- Walk-through – Interior and exterior inspection. Common for residences.
- Comprehensive – Detailed internal and external analysis. Highest fees.
Average Fees for Common Valuations
While each appraisal provider will quote based on unique factors, typical average fees are:
- Residential – $200-$400 for desktop and drive-by reports. $400-$800 for comprehensive walk-throughs.
- Small Commercial – $800-$2,000 for <10,000 square foot retail/office.
- Large Commercial – $3,000-$10,000 for office buildings, malls etc.
- Specialized – $1,500+ for farms, nursing homes and other niche assets.
Get Customised Valuation Fee Estimates
Valuation costs are manageable, especially given the value of informed investment and financing decisions. Reach out to appraisers to get tailored quotes for your specific property.