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Effective age is a term used in real estate that describes the age of a building based on its current condition, rather than its actual age. It takes into account factors like wear and tear, updates, or improvements that have been made.
For example, imagine there's a house that was built 20 years ago. Over the years, the owners have kept the house in great shape and made some updates, like a new roof and a modern kitchen. Even though the house is 20 years old, it looks and feels more like a 10-year-old house. In this case, the effective age of the house would be 10 years.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the land of Real Estate, there's a term you'll see,
Effective age, my friend, is what it's called, you'll agree.
It's not the years that have passed, oh no, not quite,
It's how old a building looks, in the morning light.
If a house is well-kept, with updates and care,
Its effective age will be young, that's only fair.
So remember, my friend, when you're out and about,
Effective age is the secret, there's no doubt.