I just wanted to get some opinions on how other appraiser adjust for condition or for how many updates a property has. How do other appraiser adjust when an older property , perhaps 60 years old, but was updated say 10 years ago vs adjusting for a property that is only 15 years old and hasn't been updated. The updated property would have slightly newer appliances and updates, but neither would qualify for C2 condition. However both are in good condition. It's not something that would be supported in an age adjustment, because a property could be 100 years old, but in my market, if it has been updated it can sell for just a much as a comparable newer home.
So how do other appraiser handle situations like this? The one that is slightly newer in updates would most likely command a slightly higher value if it had been renovated. Do you guys give partial condition adjustments? How would you derive support for those adjustments? In my very limited market area trying to provide any actual support, statistical or otherwise, would be practically impossible. My old supervisor said they used to allow + and - for the appraisers opinion on condition ratings, where now it has to be straight C2 or C3.
So how do other appraiser handle situations like this? The one that is slightly newer in updates would most likely command a slightly higher value if it had been renovated. Do you guys give partial condition adjustments? How would you derive support for those adjustments? In my very limited market area trying to provide any actual support, statistical or otherwise, would be practically impossible. My old supervisor said they used to allow + and - for the appraisers opinion on condition ratings, where now it has to be straight C2 or C3.