Answers
Jan 09, 2018 - 10:36 AM
This issue is not directly addressed by the Uniform Standards of Professional Appraisal Practice (USPAP). However, there may be assignment conditions (e.g., Fannie Mae, VA, FHA guidelines) that dictate how this is to be handled.
Having said that, generally speaking, unless a home is totally razed, the year built will reflect the actual year the improvements were first constructed. This typically holds true even if a home undergoes significant additions, remodeling, renovation, etc.
Regardless of the actual age, however, the appraiser typically also reports the effective age of the improvements. Therefore, a home that has undergone significant remodeling and updating may have an actual age of 50 or 60 years, but an effective age of only 1 or 2 years.
Having said that, generally speaking, unless a home is totally razed, the year built will reflect the actual year the improvements were first constructed. This typically holds true even if a home undergoes significant additions, remodeling, renovation, etc.
Regardless of the actual age, however, the appraiser typically also reports the effective age of the improvements. Therefore, a home that has undergone significant remodeling and updating may have an actual age of 50 or 60 years, but an effective age of only 1 or 2 years.
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