How it works
The appraiser reviews the plans, the specification sheet and the building contract, inspects the lot, and compares the finished home with recent sales of similar new and resale homes. The result is a value “as if complete”.
- Plans and elevations
- Specification sheet and finishes
- Building contract or purchase agreement
- Lot details and survey
Appraisal lower or higher than the builder price
The appraisal reflects the market, not the price on the contract. If it comes in lower, the lender usually lends on the lower figure and the buyer covers the difference. If it comes in higher, the buyer starts with more equity.
After the build starts
Lenders usually ask for progress inspections during construction and a final inspection on completion to confirm the home was built as planned.
Order a new construction appraisal through AppraisalDesk
Upload the plans, specifications and contract with your order, and tell us the lender’s requirements. We assign a qualified local appraiser, and the same file can hold the progress inspections that follow.
- See the price before you place the order
- Your order is assigned to a qualified local appraiser
- Real-time updates by text and email, and online order tracking
- The borrower can pay online by secure link
- Download the report online and message the appraiser
Frequently asked questions
Can you get an appraisal on a house that is not built yet?
Yes. A new construction appraisal values the home “as if complete” from the plans, specifications and lot.
What happens if the appraisal comes in lower than the builder price?
The lender usually lends on the appraised value, so the buyer may need to cover the gap. Talk to your broker or lender about your options.
What documents do I need for a new construction appraisal?
Plans and elevations, the specification sheet, the building contract or purchase agreement, and lot details. Missing documents are the most common cause of delay.
How much does a new construction appraisal cost?
Often similar to or a little more than a standard appraisal, depending on the project. Each property and file is different, and you see the price before you order.