Effective Age For This One?

[Debra]

Hello!

I've got a house to do an appraisal on that was built in 1978. There was a fire in the house a few years back and the inside of the house is totally new according to the home owner (I've not yet seen it and it's out of my home county). They have a brand new roof and will have the Masonite Exterior painted by the time of the appraisal appointment. They want me to wait and come to the property after the home exterior is painted. I'm trying to decide on an effective age as much as I can do that without seeing the property first so that I can comp it beforehand. In other words...I'm trying to decide what age comparables to use.

Any suggestions??? Debra

 

[Thomas Fiehler]

Debra-Without knowing what exactly has been replaced, I would venture that the effective age is slightly higher than the time elapsed since the major renovation. i.e. If house was completely rehabbed in '96, its effective age may be 8-10 (I never express effective/predominant ages or values as an "exact" number.)

 

[Mountain Man]

Agree with Thomas. Fire damaged homes, if done properly, will have no too very little stigmatizm. If your subject is just now being remodeled, and while it may look new on the inside and out, some of the mechanicals still have a bit of age on 'em. On a really good gut rehab job.... I'd mark it in the grid something like: 26Act./4-8 Effct. Then explain it in the comments.

BTW, if repairs are not finished, it can cost a whole lot more than your typical rehab. I've done one before that had a kitchen fire, and found my cost estimates were several thousand low. Didn't loose money, just didn't make as much as I would have liked. Many landfills will not take burned waist, might have to haul it off a good ways.

 

[DB]

I have done a couple of burn outs .... As long as the work is done in a professional and workmanlike manner, there should be no stigma associated with it. Was it completely gutted or do you know? I think I would have to condsider the 3-5 range in order take into account, the newer repairs and reconcile them to the older structure. It is rare that a home built in 78 would still carry a 26 year effective age unless there had been absolutely no normal maintenance, so depending on where it is, it would have had a later effective age anyway. A 26 year old home in Foxridge would likely have a later effective age than a 26 year old home in Spring Creek, for instance. I always try to find properties that are similar in age to the actual age of the subject and it a condition can be assessed at the inspection. Are you using CRS by any chance?

 

[Debra]

Thanks for the replies!

I'm pretty sure that it was totally gutted and redone inside. The outside is still the original Masonite that they are painting and the roof is new. From what they have told me and what ya'll have suggested...I have a good idea now.

Doug, it is in Cedar Grove (Rural-ya know). Yes...I'm using the CRS. Thanks! Debra

 

[Dee Dee]

Debra,
I wouldn't pick comps now or assume anything until I saw the property.
If the fire was a few years ago and the homeowner is just now finishing up the repairs it doesn't sound like an insurance job....more like a do-it-yourself rehab that could be covering up all sorts of nasty stuff on a very cheap budget.

Better to load up on a very wide range of possible comps and be prepared to pick out which ones are most applicable after you've inspected the property, otherwise if it's not what you expected you may find yourself trying to justify a handful of superior 'comps' to save yourself from making a second trip later.
Oh, and while you're there you probably should take a close look in the attic.

 

[DB]

Deb .... The reason I asked about CRS is because if you hit the "Comps" button and get a range of properties in the area and then hit the "Printer Friendly" button, it will give you the entire range of values that you can take with you and then choose your comps after you inspect your property. I do this a lot on out of town work where second trips will be nearly impossible. You may already do this, but I have talked to a lot of CRS users who didn't know it was there. Let me know if you have any trouble pulling it up.

btw ... I think I got kicked out of Cedar Grove once .... The old Camaro .... boy do I miss that car! :rofl: :rofl: :rofl: :rofl:

 

[Don Clark]

B) Just for the record. Chronological age is actual age. Effective age is the age "it appears to be" given any and all considerations you have listed. I have done several houses where 1 part of house was built in 1800's, 1 part in the early 1900's, and last part built in the 1950's. Effective age? Well, with rehab, improvements and modernization it appeared similar to a house built in the 1970's.