Usually, no.

In most new construction transactions, it is often better to order the appraisal before the home is fully completed. The initial appraisal inspection is typically the longest part of the process because it depends on appraiser availability and scheduling. During busy market periods, waiting until construction is completely finished can create unnecessary delays and potentially put your closing date at risk.

When an appraisal is ordered before completion, the appraiser can perform the inspection “subject to completion.” This means the appraiser evaluates the home’s value based on the plans, specifications, and current construction progress while assuming the remaining work will be completed as agreed.

Once construction is finished, the appraiser typically performs a final inspection (sometimes called a completion report or 1004D) to verify that the home has been completed according to the original plans and that any required items have been addressed.

In many cases, the final inspection can be completed within a few days because the appraiser has already completed the bulk of the work during the initial appraisal. The follow-up visit is usually limited to confirming completion and taking updated photos.

While ordering the appraisal early may result in an additional inspection fee for the final completion report, it is often worth the cost to help keep your mortgage approval and closing timeline on track.

Every builder, lender, and loan program may have slightly different requirements, so it’s important to discuss appraisal timing with your mortgage lender as construction progresses.