Economic Life
Expected period that property will provide benefits. It is typically less than physical life of the property because the property continues to have physical life regardless of inefficiency and obsolescence. Depreciation is usually based on the economic life.
Popular Real Estate Terms
The result of an act or a fact. ...
Potential customer or client in which there is a realistic chance of making the sale for the product or service. An example is a prospective purchaser of real estate that the real estate ...
Portion of a deed that states the act and date of the transfer of the property. ...
The clause in a deed beginning with the words " to have and to hold" limiting or defining the ownership nature of the estate in the property granted by the deed. Declares the type of ...
The central core of an urban area. The inner city contains the major commercial center, termed the central business district (CBD). Close to the inner city are also some of the poorest ...
Charge assessed on the remaining principal, often contained in mortgages, when an obligation is paid before its due. ...
Time interval between buying a real estate investment and selling it. A sound way to determine the return from a real estate investment is over its life. For example, if land was bought on ...
The fire insurance term is a policy used in property insurance that ensures any damage or loss that was a result of a fire. Most affordable home insurances cover fire insurance but other ...
Sewer whose sole purpose is o carry away domestic waste water. ...
Comments for Economic Life
How long is Economic life in NY
Aug 10, 2018 18:28:45Hey Masood,
It really depends on the asset in question.
The calculations to assert the economic life of an asset deals with a lot of things, like the amount of time the asset can be used in production and its replacement cost. Not to mention that in big cities like New York, regulations change a lot, and that can also add weight in the economic life of it. So we suggest you talk with a real estate agent and even a real estate lawyer to help figure out your NY asset's specific economic life.
Aug 13, 2018 14:16:47Have a question or comment?
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