
How does a professional valuer assess what...
Figuring out what your property is worth can be confusing. When the market is on an upward swing, or when conditions change quickly (we’re looking at you, Covid), getting an accurate dollar figure...
The effective age of a property refers to how old a property or structure appears based on its condition and maintenance, rather than its actual chronological age.
The effective age of a property refers to how old a property or structure appears based on its condition and maintenance, rather than its actual chronological age. The effective age is a generally a sign of the property's overall condition and how well it has been taken care of.
As a general rule, a well-maintained house that has undergone renovations or upgrades, is likely to have an effective age that’s younger than its actual age. Conversely, if a property shows signs of wear and tear without much improvement, its effective age might be older than the actual number of years since it was built.
For an estimated effective age of your home, a licensed appraiser or real estate professional can you give a good idea of your property's effective age.
Effective age is important in real estate for several reasons:
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