The Concept and Market Extraction of Effective Age for Residential Properties
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.
Volume (Year): 5 (1990)
Issue (Month): 1 ()
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References listed on IDEAS
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- Chinloy, Peter, 1980. "The effect of maintenance expenditures on the measurement of depreciation in housing," Journal of Urban Economics, Elsevier, vol. 8(1), pages 86-107, July.
- McHugh, Richard & Lane, Julia, 1987.
"The Age of Capital, the Age of Utilized Capital, and Tests of the Embodiment Hypothesis,"
The Review of Economics and Statistics,
MIT Press, vol. 69(2), pages 362-367, May.
- Richard McHugh & Julia Lane, 1986. "The age of capital, the age of utilized capital, and tests of the embodiment hypothesis," Working Papers 86-4, Federal Reserve Bank of Philadelphia.
- Olsen, Edgar O, 1969. "A Competitive Theory of the Housing Market," American Economic Review, American Economic Association, vol. 59(4), pages 612-622, Part I Se.
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