I'm building a house now. The process is underway. Total cost around 7.5mil. I'm wondering if I need an appraiser to check the construction process. Is it necessary? How much does it cost? Does anyone have experience using an appraiser with this?
Thanks in advance.
[hr] Do You Need an Appraiser to Inspect Residential Construction? 1. Understanding the Roles
Appraiser: An appraiser's main job is to determine the market value of a property, often for mortgage, insurance, or sale purposes. They look at the property's size, condition, comparable sales, and overall market trends.
Home Inspector / Construction Inspector: Their job is to assess the quality and safety of construction , identifying defects, code violations, or needed repairs.
2. When You Might Need an Appraiser
You're buying or selling a new home and need an accurate market valuation.
You want to refinance or secure a mortgage that requires official property value.
You need an insurance valuation or to document the property's value for legal purposes.
3. When You Need a Construction Inspector
You want to ensure the construction meets building codes and quality standards .
You're in the middle of a new build or renovation and need progress inspections.
You want a detailed report on potential defects (plumbing, electrical, roofing, structural).
4. Best Practices
For a residential construction project , it's often wise to hire both : [ol]
Construction inspector during or after construction to verify safety and quality.
Appraiser if you need to establish market value for sale, mortgage, or insurance.
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Some lenders require an appraisal, but they may not accept only a construction inspection report for financing purposes.
In short: You don't need an appraiser to inspect construction quality , but you do need one if you require a formal market valuation . For safety, code compliance, and detailed defect checks, a construction or home inspector is essential.
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[hr]
Do You Need an Appraiser to Inspect Residential Construction?
1. Understanding the Roles
3. When You Need a Construction Inspector
4. Best Practices
[ol]
[/ol]
In short:
You don't need an appraiser to inspect construction quality , but you do need one if you require a formal market valuation . For safety, code compliance, and detailed defect checks, a construction or home inspector is essential.