If you are obtaining conventional mortgage financing (financing 80% of the value of the property or less) you will need an appraisal on your property to verify its value. In most cases, an appraisal will cost you between $250 to $400 for a residential property. There are some instances where a lender is able to use an automated system to determine the value of the property which will reduce the cost for you. The larger the property, the more an appraisal will cost. For commercial appraisals, the cost is usually a minimum of $2000.