What condition rating

[Joe Flacco]

You don't understand some folks don't want to make 100 year old homes look new. Keeping the originality is the value.

I do understand. You think California is older than the East Coast?

 

[Fernando]

NC - You and I are the only ones making any sense out here.

How does an appraiser arrive at a condition rating holistically without analyzing the same criteria for the components? If we say the subject meets the criteria of a C3 overall rating, what exactly is included in that overall analysis? Aren’t we saying all of it - kitchen, bathrooms, flooring, walls, roof, etc - caused the condition rating to be a C3 overall? Why? Because they all collectively meet that criteria, right?

That very section about condition rating on Page 1 in our reports requires support by the components specifically, with special attention to the kitchen and bathroom upgrades or renovations.

It would defy logic to give a condition rating of C2 for a 20 year old dwelling overall when the components do not rise to the definition of C2. And how would the appraiser justify that C2 rating? By talking about the components.

In my reports if overall C4, I would state in my comments section that subject is overall average condition but has updates to kitchen.
That's it. And move on.

 

[glenn walker]

I do understand. You think California is older than the East Coast?

I think you confuse dated with age and or a buyer's want's. The Brady Bunch home has 1970 kitchen but it's value is in keeping it's originality. It's dated but it's physical condition is a C-3 and to update the kitchen with granite counter tops and stainless steel appliances would destroy the value. Dated and Physical Condition are seperate Issues.

 

[Joe Flacco]

I think you confuse dated with age and or a buyer's want's. The Brady Bunch home has 1970 kitchen but it's value is in keeping it's originality. It's dated but it's physical condition is a C-3 and to update the kitchen with granite counter tops and stainless steel appliances would destroy the value. Dated and Physical Condition are seperate Issu

You are confused. That house is a landmark.

For other homes with historical features and characteristics, you are thinking that renovating it would mean removing the historic features and replacing it with home depot finishes. Renovations to those homes preserve the historic integrity and cost money. Renovation would detract value if you remove original details and replace with basic materials. Not if you do a high-end restoration or renovation.

 

[Surf Cat]

I think you confuse dated with age and or a buyer's want's. The Brady Bunch home has 1970 kitchen

You are confused. That house is a landmark.

For other homes with historical features and characteristics, you are thinking that renovating it would mean removing the historic features

Here's the story... of a bunch of appraisers.... who couldn't agree on a condition with just a hunch...

 

[alebrewer]

Maybe the disconnect is appraisers opinion is often based on what they have seen. And general publics opinion is based on what is new.

Maybe. Or maybe there is no disconnect. You're speculating Flacco.

 

[Dublin ohio]

Maybe. Or maybe there is no disconnect. You're speculating Flacco.

My reaction to the op pix would be "It's in good condition but it is old and dated" . I would think the typical buyer would react the same

 

[glenn walker]

You are confused. That house is a landmark.

For other homes with historical features and characteristics, you are thinking that renovating it would mean removing the historic features and replacing it with home depot finishes. Renovations to those homes preserve the historic integrity and cost money. Renovation would detract value if you remove original details and replace with basic materials. Not if you do a ]

UAD advances are just the building of the machine to finally automate most forms of appraisal functions.

The Field Workers are now just doing
the last final five years of data collection.

Most are 5 to 7 years away from their retirement or death and the Wonks and Actuaries have it figured out very close.

Waivers and desktops will be the majority of valuations in the future.

 

[gregb]

My reaction to the op pix would be "It's in good condition but it is old and dated" . I would think the typical buyer would react the same

Here it would be described as "move-in ready" by brokers.

 

[Joe Flacco]

https://www.reddit.com/r/kitchenremodel/comments/1lu01ml/under_10k_kitchen_remodel

So funny. Look what popped up at the top my reddit feed.

It is pretty clear. Updated vs dated.