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Define Effective Age in Real Estate

Effective Age: 

Effective age is a term used in real estate that describes the age of a building based on its current condition, rather than its actual age. It takes into account factors like wear and tear, updates, or improvements that have been made.

Example: 

For example, imagine there's a house that was built 20 years ago. Over the years, the owners have kept the house in great shape and made some updates, like a new roof and a modern kitchen. Even though the house is 20 years old, it looks and feels more like a 10-year-old house. In this case, the effective age of the house would be 10 years.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

In the land of Real Estate, there's a term you'll see,
Effective age, my friend, is what it's called, you'll agree.
It's not the years that have passed, oh no, not quite,
It's how old a building looks, in the morning light.

If a house is well-kept, with updates and care,
Its effective age will be young, that's only fair.
So remember, my friend, when you're out and about,
Effective age is the secret, there's no doubt.