How do property renovations impact effective year built?

How Do Renovations Impact Effective Year Built?

Renovations impact "Effective Year Built" by updating and modernizing various elements, which can make an older building seem newer than its actual construction date. Eff Year Built refers to the age a property appears to be, taking into account the condition and updates made over time. When key features like plumbing, electrical systems, and aesthetics are renovated, they can significantly reduce the perceived age of the building. This can lead to a higher valuation, as the property is seen as more comparable to newer constructions in terms of functionality and appearance. Basically, effective renovations can 'reset' the effective age of a property, making it more attractive to buyers and potentially increasing its market value.