Depreciation

larkeJune 26, 2010

Hi, if someone buys a 20 yr old mini in very good shape, clean and everything working with some recently replaced appliances, roof redo and updates, where does the place fall in the scheme of 'worth'? Automatically down just because of its age? Up with 10 year old places because of its great condition? I'm not really talking about what the local RE mkt is like... or maybe I am, but from the point of view of age alone because it's a mini and condition is irrelevant (sort of), or condition is really good and age only matters to a degree, etc.

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larke

Thanks for all the replies.

    Bookmark   July 8, 2010 at 10:29PM
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christopherh

First off, what's a "mini"?

There are things to consider. Is it on it's own land? If so, there should be an increase in value, not because of the home, but the land's value increases. If it's not on it's own land, it will depreciate. And new(er) appliances, roof, etc are really just upkeep, not "improvements".

The value? That's only determined by what a buyer is willing to pay and a seller is willing to accept.

    Bookmark   July 10, 2010 at 8:50AM
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