How is effective year built used in property appraisal and valuation?

How Do Appraisers Use Effective Year Built?

Effective Year Built is used to assess the current condition and functionality of a property, reflecting renovations and updates that may increase its value. It helps in comparative market analysis by allowing appraisers to compare properties with similar modern features and conditions, regardless of their actual age. This metric helps in adjusting the valuation of a property, recognizing the investments in updates, and aligning it with current market standards and expectations.

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