Effective date and appraised condition are separate choices
A proposed, under-construction or completed home can present different valuation questions. An “as is” opinion reflects the property in its actual condition on the effective date. An “as completed” opinion may use a current effective date and a hypothetical condition that the home is complete according to identified plans and specifications. A prospective value opinion uses a future effective date. The engagement must say which question applies.
Those distinctions affect the evidence, assumptions and report language. They should be confirmed from the purpose and client requirements rather than inferred from the words “new construction.”
Plans and changes should describe the same home
Floor plans, elevations, specifications, site plans, selections, allowances and dated change orders help define the proposed improvements. If the build differs from the original documents, identify the changes before the analysis is completed. Construction cost and contract price are relevant facts, but neither automatically equals market value.
Comparable research may need to consider builder, subdivision, lot, design, quality, concessions, upgrades and completion date. The appraiser decides which sales and market data are relevant to the defined assignment.
When you’re ready
What to include in your request
- Property address, parcel information and current construction stage.
- Purpose, intended report users, effective date and deadline.
- Latest site plan, floor plans, elevations and specifications.
- Builder contract or cost breakdown, when relevant and available.
- Selections, allowances and all dated change orders.
- Current photos, expected completion date and access contact.
Red Oak will identify any additional records needed for the proposed scope. The appraisal is not a code inspection, engineering review, cost estimate, builder consultation, warranty or guarantee of completion.
Completion verification is a separate service
A later completion report can document whether specified work appears complete for the stated client requirements. It does not automatically provide a new effective date or a new opinion of value. If updated value is needed, that is a different assignment decision and must be scoped separately.
A standard, noncomplex private current-value appraisal starts at $400, but proposed or under-construction work receives a property-specific fee. For ordinary private work, the typical report window is 1–3 business days after the visit and receipt of the records needed for the assignment; complex projects can take longer. Review the fee guide and confirm the written fee and delivery window before ordering.
New construction appraisal FAQs
Can a home be appraised before it is built?
Potentially. The assignment needs enough information to identify the proposed property and develop a credible scope. Acceptance depends on the project, intended use, plans and available evidence.
Does the construction contract set the appraised value?
No. Cost and contract price can inform the analysis, but market value depends on the defined property and relevant market evidence.
What happens when the plans change?
Provide updated plans, specifications and dated change orders. A material change can affect the property description, assumptions, analysis or need for a revised assignment.
Can private-purpose work be discussed?
Yes, subject to fit review. Existing paths cover an estate, divorce or buyout, or a homeowner preparing to sell.