Home Buying in 21401>Question Details

Puffy, Home Buyer in Annapolis, CA

I have a contract on a house that appraised but according to the appraisal the --remaining economic life of the property is 40 years.

Asked by Puffy, Annapolis, CA Wed Jul 24, 2013

What is a average economic life on most appraisals and should I be concerned that its only 40 years?

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Answers

7
JoAnn Lavender’s answer
Where is this home with an economic life of 40 years. Has the appraiser never heard of Annapolis MD , Williamsburg VA, Boston MA or Philly???

Best Wishes

JoAnn Lavender

joann.lavender@gmail.com
1 vote Thank Flag Link Fri Jul 26, 2013
Puffy,

No worries...that's standard boiler plate language. Please understand that the economic life of a property can far exceed 40 years. Look at the number of historic homes that exist in many communities around the U.S.. As long as a homeowner is diligent in maintaining their property, according to a schedule, your home can last many years to come and can be left to your heirs.

Congrats on the purchase of your home!

Bridgette "Kyria" Chase
Exit Bennett Realty
301.974.7110 | mobile
1 vote Thank Flag Link Thu Jul 25, 2013
That is very standard. I closed a new construction loan Monday and that was estimated at 59 years of economic life. Here is a link that might explain it a bit more in detail. http://appraisersforum.com/showthread.php?t=143069

Nothing at all to worry about and 40 years is a pretty standard time frame from the appraisals I see.
Hope this was helpful.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
1 vote Thank Flag Link Wed Jul 24, 2013
So in say 12 years if we try to sell it and it only has 28 economic years left wont this be a problem for the buyer trying to get a thirty year loan?
Flag Wed Jul 24, 2013
Thank you all for your answers . This helps me out a lot
0 votes Thank Flag Link Thu Jul 25, 2013
With proper maintenance the economic life can be extended beyond 100 years...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Jul 25, 2013
Hi Puffy,

Nothing to worry about at all. A property will generally last as long as you maintain it. This is very standard.


Laura Roskelly, Realtor® & Accredited Staging Professional
The Roskelly Team
RE/MAX Leading Edge
Hall of Fame member
410-721-6694 ~ Office
443-926-0090 ~ Fax
410-507-2495 ~ Mobile

Visit us on-line at:
http://www.FortMeadeHomes.com

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0 votes Thank Flag Link Thu Jul 25, 2013
Hi Puffy,


This is very common. Brent provided some good info below
0 votes Thank Flag Link Wed Jul 24, 2013
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