Renovation
The updating or restoration of improvements — kitchens, baths, systems, finishes. Renovation reduces effective age and can cure functional obsolescence; appraisers weigh quality, permits, and market recognition of the work.
Related Terms
Effective Age
The age of a property as indicated by its condition, maintenance, and updates, which may differ from its actual (chronological) age.
Deferred Maintenance
Postponed repairs and upkeep — worn roofs, peeling paint, broken systems.
Contributory Value
The amount a component or feature adds to the property's overall value — which is rarely its cost.
More in Property Characteristics
View allGross Living Area (GLA)
GLAThe total finished, above-grade living area of a residential property, measured in square feet.
Gross Building Area (GBA)
GBAThe total area of a building measured from the exterior walls, including all finished and unfinished, above-grade and below-grade spaces.
Below-Grade Area
Any portion of a building that is below the ground level on any side.
ANSI Z765 Measurement Standards
ANSIThe American National Standards Institute standard for measuring residential floor area.