What Is The Condition Of Your Home
The Appraisal Depot has devised a 7 point condition scale which we use in our everyday appraisal assignments. We have found that most property conditions can fall into one of the following categories. Each category and a brief definition of that category are listed below.
Fair - A fair condition home is not considered to be in livable condition and generally has moderate-to-severe health, safety and deferred issues that would prevent the house from being safely occupied. A fair condition home typically has major structural issues (foundation, roof, wall structures, plumbing, heating, electrical, etc.). Banks typically do not lend on fair condition homes.
Average (-) - An average- condition home is considered to be livable, however suffers from deferred maintenance issues. These issues can range from peeling & chipping paint, stained carpeting and walls, peeling/broken/missing vinyl or tile flooring, torn window screens, superficial cracks in interior & exterior walls, splitting/worn wood, etc. An average- condition home usually requires some fixing/repairing and/or updating of the deferred maintenance issues to bring the home into average condition.
Average - An average condition home is considered to be livable and usually has had some updating done to the property in the past 5 - 10 years, however, average-original homes with minimal-to-no updating can also fall into this category. An average condition home has all the physical & functional aspects of the property in average and working condition, with no deferred maintenance issues. The opinion on what is considered to be average can vary greatly, however, most residential homes fall into the average condition category.
Average (+) - An average= condition home has recently been updated in the past 1-2 years. Average+ condition homes usually have been partially remodeled with average-to-good quality materials used; however, have some areas that are still average in condition and need to be updated. This would include either updating the exterior of the home or the interior of the home, but not both. The key word here is partial updating/remodeling.
Good - A good condition home has been completely remodeled with average-to-good quality materials used. This included new exterior, new roof, new windows, new garage door, new gutters, new interior flooring, new kitchen, new bathrooms, new interior paint, etc. The quality of materials used is a considerable determining factor on good vs. very good condition homes. A home with marble flooring in the kitchen is going to be considered superior in quality of construction when compared to a home with tile flooring in the kitchen.
Very Good - A very good condition home is similar to a good condition home, however, has been completely remodeled with high-quality materials used. This includes the use of exotic materials such as marble, granite, limestone, distressed wood flooring, custom fireplaces, staircases, etc.
This 7 point condition scale is based on The Appraisal Depot's personal experience and opinion. The condition scale was provided in order to assist homeowners in accurately determining the condition of their property. If you have any questions, comments, concerns and/or complaints, please feel free to contact The Appraisal Depot anytime!