Is year built based on date subj is finished or date const began

[Fargo1]

Is the year built based on the date the subject is finished or date construction began? I have always used the date the foundation was poured. In my area that is the date that is indicated on all records. However, I just did an appraisal 'subject to completion' that has a foundation that was poured in 2013. So I used 2013 as the year built and my software calculated the age as 1 year old. However, my lender is telling me that the UCDP is giving an error 'based on subject to completion'. So what is the correct solution to this problem? Do I change the year built to 2014 even though it was begun in 2013 and all records indicate 2013. Or is my software wrong and can I have a property built in 2013 that is 0 years old in 2014. It seems like that will likely cause issues in teh UCDP as well. What are you guys doing? I've never had this come up before.

 

[Tim Hicks (Texas)]

year completed.

 

[Sid Holderly]

Some localities have 2 year permits. Does it age before it is finished. In a few cased yes, in most no.

 

[sail143]

Good question but year completed is the answer - think in terms of certificate of occupancy.

 

[Fargo1]

Thanks guys.

 

[Tim The Enchanter]

I rarely have dates for started and completed. Just a year in public records, so that's how old it is.

 

[Noreen]

In NH, the date of the Occupancy Permit is the date the clock starts ticking. It's considered unfinished/uninhabitable prior to this permit.

 

[Deleted member 128537]

I just did a construction loan in December 2013. Foundation was in, so I said the year it was completed was 2014. They wanted me to change it to 2013. So in this case it was the year started.