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Age Of A House

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No it's not that hard Mike. Don't you know effective age is always 5? Kinda like the cap rate is always 10. :lol:



BTW Bucks, I used 12.5 in a report yesterday... that was an odd one. :)
 
Mike,
How do I estimate effective age on sales I haven't inspected?

I read the listing, I talk to the realtor, I observe the exterior,
I look for the subtle differences between my comps. That's
how I estimate effective age. Its more a function of the
market and its relationship with homes of different ages.

elliott
 
Back to the Original Question....how to tell the age of a home if there are no records??

The "toilet method" is only accurate if the toilet is original. If the home is very old, that is not very likely.

Style is a very good way. For instance, Bilevels, High Ranches and Split Levels were not built in the 1930's.

There is a period of time in every state when a style of home is popular. In my state, colonial style homes were 1920's to 1940's, then cape cods in the 1950's, ranches in the 1960's, splits and bi's in the 1960's thru 1980's , etc.

Experience in your area helps; discussions with long-time area realtors will also be helpful.

Also, get a book on home styles. I have a very comprehensive one, and a photo is worth 1,000 words. The book has hundreds of photos with just about every style of home I have ever come across.

Finally, it is good to know building components. Take the electric service, vor instance. Once upon a time (1920's) there was a method called "knob and tube", which used ceramic insulators so fabric covered wires could pass through wood without causing a fire.

The electric box may have buss fuses (very old) glass fuses (old) or circuit breakers. The size of the service is a bit of a give-away if it is original. A home with original circuit breakers built in the 50's may only have a 60 Amp service; by the 60's 100Amp was common and nowadays 200Amp is minimum.

Building and plumbing materials give similar clues; rather than be long-winded here, I suggest you seek some guidance from professionals or ask a realtor friend if you can go along on some older or unique homes tours just to be able to see with your own eyes what the different styles look like.
 
Also, get a book on home styles. I have a very comprehensive one, and a photo is worth 1,000 words. The book has hundreds of photos with just about every style of home I have ever come across.

How about sharing the name of that book. I'm looking for a good one now.
 
Don't sweat the age.....

although it is important, experience and exposure will usually give you a roundabout idea. Effective age dictates adjustments more than anything. Of course you will occasionally get the 5 year old home sitting in a sea of 100 yr old homes but chances are very good there are a few of the older homes in "as new" condition that most folks would consider "comparable" in the marketplace. In my years of review, you are better off dealing with condition and similar effective age homes than making blanket chronological age adjustments. They are a red flag. What they often tell me that the comparables used aren't truly comparable.
 
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