An appraisal fee is a charge for the professional assessment of a property's value, typically required during the home buying or refinancing process. This fee is paid to a licensed appraiser who evaluates the property based on various factors, including its condition, location, and comparable sales in the area. These fees can vary depending on the property's size and complexity, usually ranging from a few hundred to over a thousand dollars. Lenders often require an appraisal to ensure that the property's value aligns with the loan amount, protecting both the lender and the borrower in the transaction.