Construction Appraisals

What this service involves

A construction appraisal values residential property that is proposed or under construction, often based on plans and specifications rather than a completed structure. The deliverable depends on the agreed scope — an as-completed value (what the property will be worth when finished), a proposed-construction value, or a current as-in-progress value. The appraiser's role is to develop the value opinion from the available information.

This is distinct from a cost-to-build estimate, which a contractor prepares. We do not estimate construction costs; we estimate the property's value given the construction plans and scope.

When someone may need it

Construction appraisals are needed for construction loans, builder spec homes, major renovations, and additions where a value is required before the work is complete. A lender financing construction may need an as-completed value; a builder may need a proposed-construction value to decide whether a project is viable.

What the analysis considers

The appraisal considers the residential property's value given the construction:

• Plans and specifications: the proposed design, size, layout, and finishes.
• Site characteristics: lot size, location, and topography.
• Comparable sales: completed sales of similar homes, adjusted for the proposed construction.
• Market conditions: current local supply, demand, and trends.
• Valuation basis: as-completed, proposed, or as-in-progress, per the scope.

Information that may help

Essential items include the property address, the complete plans and specifications, the construction budget or cost summary if available, and the intended use. Without plans and specifications, an as-completed value cannot be reliably developed. Share construction documents directly with your appraiser rather than through the general inquiry form.

How the assignment works

We confirm the valuation basis (as-completed, proposed, or in-progress) and the scope, review the plans and specifications, inspect the site, research comparable completed sales, complete the analysis, and deliver the report. Construction appraisals depend heavily on the quality of the plans, so complete documentation up front speeds the assignment.