Age – Physical Depreciation is based on Normal Useful Life of each individual attribute. The age of the item should be set to determine accurate depreciation. If the actual age is not known, the effective age method can be used.
Condition – Condition effects the amount of depreciation applied to each individual attribute. The better the condition of the attribute, less physical depreciation will be applied. The condition ONLY effects the amount of DEPRECIATION and not the REPLACEMENT COST.
Basic (Q5/Q6/ Fair) represents an entry level of quality. Minimal frills. Floor plans are very basic and repetitive with simple design. The home is likely to have a standard rectangular shape with a flat simple gable roof. The builder has kept the cost low and mediocre finish work. Just meeting county building codes.
Builder (Q4/Average/Good) represents a clear upgrade from Basic. Better materials, higher build quality, more features/gadgets, more “style” to the architecture. The home is likely to have some high ceilings within the structure. Small variety of floor plans used by the builder. Offers minimal changes and options on finish work. Craftsmanship is average and generally meets or slightly meets exceeds county building codes.
Custom (Q2/Q3/Very Good) represents a significant upgrade from Builder. Architectural floor plans purchaser can manipulate and modify making floor plan and style of home more distinctive. Above average craftsmanship, and finish work, generally custom homes exceed the standard county codes.
Designer (Q1/Excellent) represents a significant upgrade from Custom. Architect designed and estate crafted around purchaser’s taste and lifestyle. Top grade materials extravagant finish work and amenities. Effortlessly exceeding county building codes.
Value – Based on percentages and/or square footage depending upon the attribute in question. If your attribute calls for percentage it mist always total 100% to continue.