What is the useful life of a property
AVOID MAKING A RISKY PURCHASE. BEFORE CHOOSING YOUR NEXT HOME KNOW YOUR STATE AND CONDITIONS OF HABITABILITY: KNOW YOUR LIFETIME.
Like any other property, a property has an expiration date, because over time the quality of the structure and materials is lost. The lack of maintenance also influences this process and, as a result, the property becomes uninhabitable.
The correct term to refer to this duration is "the useful life time", which is nothing more than the period in which a property can develop the function for which it was made.
The useful life time is obtained through a real estate valuation and consists of two data: the date on which the property can legally be used and the date on which it loses this legality. Knowing this period is necessary for three reasons:
To know the life time of a house
To make the corresponding repairs
To know the durability of the property and decide if it suits you
Calculation of useful life
In general, the useful life of a building is determined by evaluating the conditions in which it is found, as well as the materials used. According to the physical method of valuation of buildings in Mexico, first establish an average period of the property, taking into account the type of construction:
Type of construction and quality
Luxury residential - 70 years
Residential of good quality - 70 years
Medium of good quality - 60 years
Middle quality medium - 60 years
Social-popular interest with finishes - 50 years
Social-popular interest with semi-finished - 50 years
Social-popular self-construction interest - 50 years
Luxury apartments - 70 years
Departments of good quality - 70 years
Departments of medium quality - 60 years
Departments of social interest - 50 years
Subsequently, a more precise evaluation of the elements of the construction such as foundation, masonry, structure, facilities, coatings and materials that have been used, such as wood, aluminum, PVC, paint, among others.
The National Association of House Builders (NAHB) has a list of averaged assessments of the lifetime of construction materials, which serve as a guide when a quick assessment is required. For example, carpentry finishes and furniture last for an average of 40 years, aluminum 45 years, paintings 20 years old, ironwork 70 years and galvanized 30 years.
The state of conservation of the construction is also taken into account. The newer this is and the fewer important repairs you have made, the higher your score will be.
Although the quality of materials is the key element to extend the useful life of a property, maintenance is essential to earn a few extra years. Therefore, it is recommended that between every 5 and 10 years, make the necessary repairs to give your property more life.
Valuation to know the useful life
The useful life of a property is obtained by means of a real estate appraisal, which must be done when placing a house for sale, since it is essential to establish the sale price. This means that if you are about to buy a property, the seller can provide this information if you request it. And if not, you will provide it to the next owner of the property.
Source: Blog Vivanuncios /