Actual Age | Propertylogy

Actual Age

By on December 20, 2018

The actual age of a building refers to it’s real age since being commissioned as a building instead of it’s effective age.

The reason why this term arose is because major renovations are sometimes undertaken by old buildings. After which developers market the properties as being as good as new.

For example, an apartment building might have been first built 20 years ago. It’s actual age then, it 20 years. But it underwent major remodeling works a year ago. It’s effective age is thus, 1 year.

This can also often happen with shopping malls. They retain the same overall structure but go through major cosmetic upgrades and internal layouts. Making them look like new.

Property investors should be wary of buying such properties and there must be a need to conduct thorough inspection.

This is to ensure that the internal works and structure of a house like pipings and electrical wirings are still up to scratch. Otherwise the major renovations might be just to cover up these major flaws.

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