What is an as-built appraisal?
An as-built appraisal is a type of appraisal that is conducted after a building or property has been completed or significantly renovated. It is used to determine the value of the property based on its current condition, rather than its original design.
As-built appraisals take into account any changes or upgrades that have been made to the property since the original appraisal was conducted. This can include additions, renovations, or other improvements that may have altered the property’s value.
FAQs about as-built appraisals:
1. How does an as-built appraisal differ from a traditional appraisal?
An as-built appraisal differs from a traditional appraisal in that it takes into account any changes or modifications that have been made to the property since the original appraisal was conducted.
2. When is an as-built appraisal typically requested?
An as-built appraisal is typically requested when a property has undergone significant changes or renovations that may have increased its value.
3. Who typically requests an as-built appraisal?
As-built appraisals are typically requested by property owners, developers, or lenders who want to determine the current value of a property.
4. What information is needed for an as-built appraisal?
For an as-built appraisal, the appraiser will need information on the changes or renovations that have been made to the property, as well as any relevant permits or documentation.
5. How long does an as-built appraisal take?
The time it takes to complete an as-built appraisal can vary depending on the size and complexity of the property, but it typically takes a few weeks to complete.
6. How much does an as-built appraisal cost?
The cost of an as-built appraisal can vary depending on the size and location of the property, as well as the complexity of the changes that have been made. Generally, they are more expensive than traditional appraisals.
7. What are the benefits of getting an as-built appraisal?
The main benefit of getting an as-built appraisal is that it provides an accurate assessment of the property’s current value, taking into account any upgrades or changes that have been made.
8. Can an as-built appraisal be used for loan purposes?
Yes, an as-built appraisal can be used for loan purposes, especially when a property has undergone significant changes that may affect its value.
9. How often should an as-built appraisal be conducted?
An as-built appraisal should be conducted whenever significant changes or renovations have been made to a property, in order to ensure an accurate assessment of its value.
10. What happens if an as-built appraisal comes in lower than expected?
If an as-built appraisal comes in lower than expected, it may affect the property owner’s ability to refinance or secure a loan based on the property’s value.
11. Can I challenge the results of an as-built appraisal?
If you believe that an as-built appraisal is not accurate, you may be able to challenge the results by providing additional information or documentation to support your claim.
12. Are there any risks associated with not getting an as-built appraisal?
Not getting an as-built appraisal when significant changes have been made to a property can result in inaccurate valuations, which may affect loan approvals or future sales of the property.