You should get your home appraised whenever you're refinancing, selling, buying, or making major financial decisions that depend on your property's value. There's no fixed schedule -- it depends on your situation and how much the market has moved since your last appraisal.
For Refinancing
Frequency: As needed (1-5 years typically)
You get an appraisal when you refinance. That's when a lender requires it.
If you refinanced 2 years ago and rates dropped, get a new appraisal for another refinance.
If rates are stable and you're not refinancing, you don't need a new appraisal.
For Home Purchase
Frequency: Once per purchase
You get an appraisal when you buy. That's it. The next appraisal won't be until you refinance or sell.
You don't need yearly appraisals between purchase and refinance.
For Equity Access (HELOC)
Frequency: As needed when establishing equity
If you want to do a cash-out refinance or HELOC to access equity, lender requires a current appraisal.
If your home appreciated, a new appraisal shows how much equity you have available.
Frequency depends on how often you want to access equity (typically not annually).
For Property Tax Appeal
Frequency: Once per appeal
If you think your property tax assessment is too high, get an appraisal to challenge it.
You might do this every 3-5 years if assessments keep rising, but it's not a regular thing.
For Insurance
Frequency: Not typically required
Insurance companies don't usually require appraisals. They want coverage amount, not fair market value.
But if you're insuring a high-value home, you might want an appraisal to confirm coverage is adequate.
This is maybe once per decade at most.
For Estate Planning
Frequency: When needed for estate purposes
If you're setting up a trust or planning an estate, an appraisal helps establish value for tax/probate purposes.
You might do this once when setting up an estate, then again at death (for stepped-up basis).
Not annual.
For Divorce
Frequency: Once per divorce
You get an appraisal when dividing property. Once the divorce is complete, you don't need another until/unless you refinance or sell.
For Divorce Settlement Update
Frequency: If needed during negotiation
Sometimes appraisals are ordered multiple times during divorce if the parties disagree on value or if significant time passes between initial appraisal and settlement.
But generally, one appraisal per divorce is standard.
For Selling
Frequency: Optional before listing
Some sellers order a pre-listing appraisal. Others skip it and let the buyer's lender handle it.
If you order pre-listing, you get one appraisal before listing. Then the buyer's lender orders another (and pays for it).
For Your Own Knowledge
Frequency: Whenever you want
You can get an appraisal just to know your home's value. There's no rule against it.
Some homeowners do this every 3-5 years for planning purposes or to monitor home value trends.
Cost is $400-$600. It's your money if you want to spend it.
General Recommendation
You don't need regular appraisals. You need them for specific purposes:
- Refinancing
- Purchasing
- Equity access
- Legal situations (divorce, estate)
- Tax appeals
- Selling (optional)
Other than those situations, you don't need appraisals.
Monitoring Home Value
If you want to know your home's value without paying for an appraisal:
- Zillow/Redfin/Trulia: Free estimates (often inaccurate)
- Agent CMA: Free from your realtor (pretty good)
- Comparable sales: Free research on recent sales in your area
- County assessor: Free property tax assessment (not fair market value)
These are "free" alternatives that give you rough valuation.
For accurate valuation, you need a professional appraisal.
The Reality
Most homeowners don't get regular appraisals. You get them when life events require them:
- Buying a home
- Refinancing
- Accessing equity
- Divorcing
- Settling an estate
- Selling
Between those events, you don't need appraisals.
The only exception: If you're monitoring home value for planning purposes, you might get one every 3-5 years.
But it's not required. It's optional.
Budget Planning
If you're planning real estate activities:
- Budget $400-$600 for appraisals as part of transaction costs
- Budget for lender appraisal (included in closing costs for purchases/refis)
- Budget for any optional pre-listing appraisal (your cost if you order)
That's typically one appraisal per major transaction.
Multiple appraisals in a short time are unusual and usually driven by legal disputes or multiple refinances.
Bottom Line
You don't need regular appraisals. You need them for specific real estate events.
Plan appraisals based on what you're actually doing with your home, not on a schedule.
That's the honest answer.