Effective Age
Definition of "Effective age"
Effective Age is the counterpart to a property’s Actual Age. While the former refers to the date a property was built, the latter is more of a sensorial depiction of its age; the age the property appears to have.
So, in a way, you can impact on your house’s Fair Market Value by making your house’s effective age younger than the actual age really is. If you maintain the house in good standards and do some renovations, the house might appear younger than it actually is.
But beware: this whole discussion of effective age versus actual age appears more frequently when trying to bring the fair market value down. So, if you’re the property’s seller, never forget to keep an eye on its conditions. Never let go of the proper maintenance and invest in renovations whenever you can.
Real Estate Tips:
Renovate your vocabulary knowledge and lower your effective age! Search for other real estate terms on our Glossary!
Proud of your actual age? There’s wisdom in knowing how to manage your time. Find an agent and let him take care of the real estate terms!
Popular Real Estate Terms
Information that is factual, such as representations made by a real estate broker to a prospective buyer. ...
Hallow masonry wall consisting of an inner and outer wall with dead air space between them. The air space provides increased thermal insulation. Cavity walls are not used in northern ...
Person or business that provides an option to someone else. ...
Geographic location that is gradually being developed as an urban area. ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
The add-on interest is a type of interest that is figured into the total cost of a loan over its entire life. The interest is added to the principal and divided by the number of monthly ...
Literature, samples, equipment, tools, and other useful information that real estate brokers or agents can use for demonstration purposes to prospective buyers. ...
Style of architecture popular during the American Colonial Period. The 2-story house is square or rectangular. The steep gable roof extends down to the first floor in the rear. ...
As you’d expect, the rod has various meanings in everyday discourse. However, lesser-known is that surveyors use a rod as a land survey measurement for real estate. In a nutshell, a ...
Have a question or comment?
We're here to help.