Additionally, most comps fall within 3 miles of the construction site. Typically houses that haven’t sold are not able to be considered as a comparison. They will then compare these details to local comps.Ĭomps are considered any house that has ‘sold’ in the last 6 months. The appraiser will take into consideration the lot, size of the home, building material selections, and neighborhood. This appraisal is, as it sounds, based solely on the building plans a detailed specifications. What is an appraisal?Īn appraisal is an assessment of your designed home’s expected value.įor new construction homes, the type of appraisal ordered is typically a Plan and Specs Appraisal. Want to know more about the appraisal process? Read on for all the appraisal details you could ever ask for. This is when an appraiser examines the estimated value of your home using the home plan and specifications and compares them to nearby comps. One critical process in securing a loan is getting a new construction appraisal.Ī construction loan requires a plan and specs appraisal. The design phase is complete and now you are ready to enter into a construction loan.
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