What is the Actual Age of a Property?

A property’s actual age is the number of years that a building or improvement to land has been in existence. This is typically public record for major improvements in most of the United States, as permits are typically required before any major construction is begun.

Appraisers use the actual age as the starting point for one of their property valuation methods. They check public records or interview the owner to determine when the building was built. They then determine what it would cost to build a brand-new replica of the property. Finally, they depreciate that “new construction” cost by the age of the property to determine an approximate value for the property.

However, this approach is not as dependable or accurate as using comparables.

For more information, see also the following entries:

• :Appraisal:
• :Building Permit:
• :Comparable Property:
• :Fair Market Value:
• :Improvement:
• :Land:
• ublic Record: