What does 'Actual Age' represent in appraisals?

'Actual Age' in appraisals refers to the total time since the completion of construction for a property. This measurement captures the chronological age of the building or improvements from the date of completion up to the current date. It is a concrete representation of how long the property has been in existence, and it does not take into account any renovations, updates, or changes that may have occurred since construction.

This concept contrasts with other age-related terms, such as 'Effective Age,' which would consider the property's condition and any improvements to give a more realistic view of its market position. Understanding 'Actual Age' is crucial for appraisers as it plays a significant role in assessing depreciation and overall value in relation to market trends.