Appraisals for New Construction

In order to buy a home, a mortgage lender will want to be sure the property you want to buy has sufficient value for the loan amount you are seeking. 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.