How long is physical life of property?

Answer 1

The physical life of a property refers to the duration over which it can be used and maintained before it deteriorates or becomes obsolete. This period can vary widely depending on factors such as the type of property, construction materials, maintenance practices, and environmental conditions. Generally, residential buildings may have a physical life ranging from 30 to 100 years, while commercial properties might last longer due to more robust construction. Ultimately, the physical life is influenced by both natural wear and tear and upgrades or renovations made over time.