Get Appraisal Before Construction
Background. This type of appraisal can take place before or during construction or renovation. Your mortgage lender will require an appraisal of your new construction home before approving your loan to ensure the property is worth the amount of the loan it's contemplating extending to you.
Before this rule, lenders could request an appraisal from their favorite appraiser directly. Appraisal is generally preferred to litigation because it is comparatively informal, yet it resolves tension that may. Existing homes are usually easy to appraise because they can be compared to other homes.
Over the last few years, obtaining financing has been one of the most difficult problems for builders and customers.
Understanding how appraisals work and how to prepare your home is key. Learn which projects lead to a more favorable assessment of a home's market value. I was in the process of building a custom. You'll never have full control over what your home will appraise for, but you can.