Appraisals for New Construction
In order to buy or refinance a home, a mortgage lender will want to be sure the property you own or want to buy has sufficient value for the loan amount you are seeking. A home appraiser is involved in the process to be an impartial third party with no personal interest in the value of the home. The appraiser will be looking at the condition of the home, the neighborhood characteristics along with other properties in the area and the amenities that are offered and will also be looking for improvements that have been made to the property and home. When deciding to build a new home or purchase a home that has just begun the construction stage, an appraisal will be completed to determine if the construction costs, lot value, and other costs once completed will be consistent with the value of the home. When an individual submits plans to a lender for approval of a home loan, the appraiser will use the plans to complete an appraisal.