The Concept and Market Extraction of Effective Age for Residential Properties

Abstract

This paper presents a theoretical and algebraic technique for the estimation of effective age on a residential property. This estimate for the subject property is a number that is calculated relative to the aging of the comparables. The owner's rate of aging can be compared to the rate exhibited by the comparables to determine if the subject's economic life should be equal or different to the economic life of the comparables. The analysis and technique should be of use to every residential appraiser.