If you are planning a major renovation funded by a lending institution, your bank will need an appraisal to determine the value of your home before and after the improvements. The bank will use your report to set up a schedule to disperse funds as construction progresses.
Our experienced, accredited appraisers are familiar with the specific requirements of most banks, credit unions and private lenders. Our professional, residential appraisal reports meet the highest standards of quality; and provide homeowners with valuable information about which improvements add the most value to the home.
It’s important to remember that the cost of a major renovation may not increase the home’s resale value by an equal amount. In other words, a home renovation may not necessarily be a good financial investment. The market may not be willing to support the full cost of a high-end kitchen remodel, for example, or an elaborate workshop addition tailored to a specific use. An appraisal can help homeowners decide whether the planned renovations are worth the cost, or whether it’s better to sell and buy a new home that already contains the desired features. Valuations also help financial institutions decide whether the collateral can support the loan.