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New Construction

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joeduncan

Sophomore Member
Joined
May 7, 2003
Professional Status
Licensed Appraiser
State
California
i was asked to do a new construction appraisal and the old home is still on the land where the new home is going... he has blue prints for this new home he is building... now do i appraise the new home subject to completion per plans and specifications minus the cost of demolishing the old home? what is the best way to go about doing this?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Doing a proposed construction is based on the Hypothetical Condition that the new house is already there on that site. I would think the old existing house would be torn down so you would ignore it for this proposed appraisal. Mention that it's there and would need to be removed, but that's all. It has nothing to do with what is going to be there, which is what you are appraising.

If I'm wrong, others here will say so.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I agree with Pam; have done it that way before. Just say it is there, soon will not be, and appraise subject to completion.
 
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