Year Built?

[Deleted member 128537]

This may seem silly.

First time I have run across this.

Doing construction loan. The foundation and stud walls are in. But they aren't going to finish until 2014. Big house. Will probably take all winter. In the report I put 2014 as the year the home was built. Reviewer said I should put 2013.

So when is the actual year built. When it is completed or when it is started?

 

[Randolph Kinney]

I think the year the certificate of occupancy was issued would be the year the home was blessed to be finished and ready for occupancy.

 

[cjski]

The home is still in gestation; it has not been born yet...

The reviewer is wr-wr-wro-wrong...

 

[HF Mudd]

In NYC, most data sources note the year built (for newer construction) as the year the building permit was issued.

I usually utilize the year the C of O was issued.

I guess you could use either, as long as you're consistent and explain what you did.

 

[Deleted member 128537]

Thanks all. That's what I thought. I told the reviewer as such, but I wasn't going to hassle it. Not worth it, but thanks for the replies. I put in the notes of the appraisal that the reviewer wanted 2013, but it would not be finished until 2014. CYA.

 

[Mountain Man]

Yes it's Stoooopid, but not worth arguing over. I'd put 2013 and let it go. If you want to get "even", when you do the final state...
The subject is a new SFD with a completion date being in March 2014.

 

[Rich Heyn]

If you are appraising "as complete" under a hypothetical condition using a current effective date, then essentially it's already been built.

 

[Deleted member 128537]

I recognize that it is "already been built" by an HC. Probably why they wanted 2013. It's just kind of a quirk in the form. That's why I chose to write a comment on it, and be done with it.

 

[Terrel L. Shields]

If you are doing prospective value and using a date in the future you don't need the HC, only an EA. And your date of value will be that future date predicted for the improvements to be finished. And in that case the Yr built would be 2014.

Our assessor does not put them on the books until they are finished so the true "yr built" is when the house if finished.

 

[JTip]

I think UAD will blow up your machine if you look into the future and put '2014'.

DOES NOT COMPUTE......:new_microwave: