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
(1) Return of the principal invested in real estate. It excludes income earned. (2) Collection of a previously written off bad debt. ...
Board used when connected as a floor. It may also be used as a strip in a wall or door. ...
Representation on a flat surface of any region that depicts the elevation of that region. ...
Stigmatized property is a property that home buyers might back off on closing a deal due to factors that are not related to the property’s price, structural/aesthetic conditions and ...
Through the master plan definition, we can understand it’s a plan describing both through narrative and maps the overall land use of a designated urban area. It includes both present ...
Latin term meaning let the buyer beware. The buyer purchases at his or her risk, in the absence of fraud. This does not obligate the seller to volunteer information. However, legal statutes ...
Rules regarding day-to-day use of the premises. ...
Securing lease commitments to a building prior to its being available for occupancy. For example, a developer offers a discounted lease to potential tenants providing they agree to sign a ...
Descriptive of a property boundary that follows the course of a river or estuary. For example, a land description may say its boundary follows "the meander of the river" meaning the ...
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?
We're here to help.