Actual Age

Definition

• The actual age (usually in years) of a structure since building was complete. This differs from effective age.

Synonyms
existence, date

Related Terms and Acronyms

• Attained Age — Definition,
  • The current age of an insured individual.
• Depreciation — Definition,
  • The gradual loss of value of a building or other property because of age or natural wear.
• Distressed Property — Definition,
  • Property that is in poor condition, or whose owner is in poor financial condition.
• Effective Age — Definition,
  • An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
• Tear-down Condition — Definition,
  • A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.