Physical Life
Barron's Real Estate Dictionary:
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Physical Life
The expected period of time for a real estate improvement to exist physically.
Example: The older building’s steel frame was so solid that it had a 100-year remaining physical life. However, it was functionally obsolete because of substandard plumbing, electrical wiring, and other safety matters, so its remaining economic life was short.
Consequently, its physical life was a moot point.
Example: The older building’s steel frame was so solid that it had a 100-year remaining physical life. However, it was functionally obsolete because of substandard plumbing, electrical wiring, and other safety matters, so its remaining economic life was short.
Consequently, its physical life was a moot point.
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Physical Life
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Copyrights:
Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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Mentioned in
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Economic Life
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Depreciable Life
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Service Life
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