Which type of depreciation would an appraiser be most concerned about when evaluating a 15-year-old home in a rural area?

Physical depreciation is a critical factor for an appraiser evaluating a 15-year-old home in a rural area. This type of depreciation refers to the wear and tear that occurs to a property over time due to age, use, and exposure to the elements. In a 15-year-old home, the appraiser would closely examine the physical wear on the building's structure, such as the roof, foundation, and HVAC systems, to assess how these factors impact the overall value of the property.

Given the rural setting, there may also be unique challenges related to maintenance or environmental conditions that have contributed to physical wear. Such evaluation is essential for determining whether repairs or renovations are needed and how these issues affect the marketability of the home. By focusing on physical depreciation, the appraiser can derive a more accurate estimate of the property's current value, which is foundational for potential buyers or investors.

In contrast, while the other types of depreciation—economic, functional, and market—play roles in property valuation, they don't specifically address the immediate, tangible effects of physical condition that are particularly relevant in an older home assessment.