Thanks everyone for the comments. I get the point some of you are making that some of these items don’t have to be immediately addressed. But the point I’m making is that something that is 20 years depreciated is worth less than something that is brand new. It does not mean I need a brand new home, I just think its prudent to price in the depreciation. The information I requested not only prevents overpaying for a dated home, but allows us to better compare the more dated homes with those that are either new or newly remodeled.

Econprof makes a good point that it does not make economic sense to replace features that have not reached the end of their useful life. While true, it also does not make economic sense to pay $50,000 for a 1999 BMW 5-series because it still is operational. Homes are depreciating assets just like cars, and should be priced as such.