What is another term for economic life in real estate?

Economic life refers to the period during which a property is expected to generate income or provide value to its owner. It is an important concept in real estate appraisal as it helps appraisers determine the potential future income that a property can generate, which is crucial for valuing investment properties.

The term "useful life" aligns closely with the definition of economic life as both describe the duration that improvements or structures can sustain their value and contribute to income generation. Useful life can often influence decisions related to maintenance, renovations, and overall economic viability of a property, thereby being a fundamental aspect of the appraisal process.

In contrast, terms like intended life and purposeful life do not have a recognized, distinct meaning in the context of real estate economics. Structural life typically refers to the physical longevity of a building or its components, which can be different from the economic life that considers income-producing capability.