Do you know the Condition Rating of your home…

Now I know your home holds all kinds of memories that have huge value on your heart. But, in real estate appraisal reports, condition ratings (ranging from C1-C6) are standardized classifications that describe the physical state of a property at the time of the appraisal. These ratings are particularly important in determining market value and are typically required by lenders, investors, and agencies like Fannie Mae and Freddie Mac. Below is my super simple summary of Condition Ratings. As always I hope it helps!

C1- brand new never been lived in

C2- still feels new or an older property thats been fully renovated

C3- your typical average property with updates done over the years

C4- looks great for its age, some components are near the end of their life

C5- showing it age (did not use night cream if you know what I mean)

C6- Severely deteriorated, might not be habitable. Can you even get a loan on it?