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Condition Rating An (almost Completely) Updated Older Home

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Valueseeker

Junior Member
Joined
May 19, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
Hey Folks.

Subject is a 1930's brick colonial.

homeowner completely gutted the interior (flooring, walls, insulation, electrical, plumbing, roofing, windows, heating, ac, kitchen, baths) and also added a 2 story (approx 500 sq.ft) addition to his existing GLA of 2000.

While everything inside feels brand new, the aged brick and the basement has me reluctant to move any further than a c3. Does anyone disagree? Im just seeing if anyone is thinking Im looking at this all wrong and would go C2. It looks a little funky with the brick vinyl combo in the rear. I know that doesnt really matter but I feel like its glaring to the eye to show its hybrid state - half old / half new.

Thanks again everybody.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Hey Folks.

Subject is a 1930's brick colonial.

homeowner completely gutted the interior (flooring, walls, insulation, electrical, plumbing, roofing, windows, heating, ac, kitchen, baths) and also added a 2 story (approx 500 sq.ft) addition to his existing GLA of 2000.

While everything inside feels brand new, the aged brick and the basement has me reluctant to move any further than a c3. Does anyone disagree? Im just seeing if anyone is thinking Im looking at this all wrong and would go C2. It looks a little funky with the brick vinyl combo in the rear. I know that doesnt really matter but I feel like its glaring to the eye to show its hybrid state - half old / half new.

Thanks again everybody.

These kinds of things are tough but imo it is a c 3 with a remodeled interior
 

Valueseeker

Junior Member
Joined
May 19, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
Welcome to the wonderful world of pigeon hole appraising. Betcha get a stip regardless which you choose.
Lol. I dislike this situation for sure. I am also the second appraiser out there. No idea why why the original appraiser didnt go back. He/she completed the appraisal when the home was down to the studs.

So far its a 50/50 split between the respondents. Thanks Jgrant & dublin. im still on the fence.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Whether you call it C2 and explain older ext facade or you call it C 3 and explain that it is remodeled/replaced as new except for facade, probably won't matter much in value. Just explain well whatever you conclude for the C rating.
 

Fnbpos

Sophomore Member
Joined
Oct 28, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I'm curious what your estimated effective age was ? At about what age does a home typically move from C2 to a C3...use the same scale on older homes via the effective age...... I'm in the C3 camp on this one....C2 fits a narrow age range ...and therefore a narrow effective age range...... I see too many reports with older homes at C2.
 

Valueseeker

Junior Member
Joined
May 19, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
I'm curious what your estimated effective age was ? At about what age does a home typically move from C2 to a C3...use the same scale on older homes via the effective age...... I'm in the C3 camp on this one....C2 fits a narrow age range ...and therefore a narrow effective age range...... I see too many reports with older homes at C2.


Thats where Im stumped. The interior effective age is 1. All fixtures in the baths and kitchens are replaced even. but the exterior brick is aged and evidence of removed shutters (small holes) makes the home just look not "Like new". Again this addition contrast so greatly to the aged look of the brick part of the home that I just feel c3 is more representative here.

C2:
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. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well-maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated.


Im going to sleep on it! :)
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Thats where Im stumped. The interior effective age is 1. All fixtures in the baths and kitchens are replaced even. but the exterior brick is aged and evidence of removed shutters (small holes) makes the home just look not "Like new". Again this addition contrast so greatly to the aged look of the brick part of the home that I just feel c3 is more representative here.

C2:
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. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.
Note: The improvements represent a relatively new property that is well-maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated.


Im going to sleep on it! :)

It would appear your Note: best describes the dwelling in it's renovated state; the Exterior would be considered maintenance free (brick) and the Interior has undergone the "upgrades/improvements" to current market standards.
Within the report, UAD definition section, it should describe the Age differential as "they" see it* - you noted a 1930 Colonial and here you are rating the Effective Age at 1 year and therefore, IMO a C-2 complies as meeting the UAD definition.
Hope that helps a bit, good luck
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
What is there to be stumped about...there is an aged brick exterior and holes for storm shutters making it look even "older", which per the definition, disqualifies it from being a C 2. The brick is all over the house, the whole facade /exterior, its; not like some small section out back . Read the definition AGAIN, virtually all components replaced or recent, , ALL outdated components and FINISHES updated or replaced -right there, whether we like it or not the fact that the entire facade of brick finish has not been replaced or updated makes it a C 3. The interior describe it as remodeled and explain why you called it C 3 due to the brick work/ext
 
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