G-man
Member
- Joined
- Feb 4, 2002
- Professional Status
- Licensed Appraiser
- State
- Ohio
I'm currently writing up an appraisal for a newer (1999 built) home of good quality in a suburban area of mine. The house is priced at $360K and is about 3,900 sq.ft., four bedrooms, four baths and a full, finished basement. The home shows adequate maintenance, little to no wear and tear and modest updates over the past 14 years. No major updates, but none really needed. Would the majority of appraisers classify this as C2 condition or C3.
The UAD definition of C2 is "The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. "
The C3 definition is "The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained."
Since this is a 14 year old home, the components are not "new" but are fairly new with many years of life yet. My inclination is that the home is in C2 condition, as there is little to no deterioration, with the components and other items in very good condition. I'm just wondering what other peers are using in developing their reports.
Thanks.
The UAD definition of C2 is "The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. "
The C3 definition is "The improvements are well maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well maintained."
Since this is a 14 year old home, the components are not "new" but are fairly new with many years of life yet. My inclination is that the home is in C2 condition, as there is little to no deterioration, with the components and other items in very good condition. I'm just wondering what other peers are using in developing their reports.
Thanks.
