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The Aging of a Building Versus Its Life Cycle with Regards to Real Estate Appraisal

Author

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  • Podwórna Monika

    (Faculty of Civil Engineering, Wroclaw University of Science and Technology, Poland)

Abstract

Construction objects are subjected to aging processes and other changes and influences during their life cycle. The paper focuses on one of the stages of the life cycle of a developed property - the final part of the service life phase, which is referred to by the author as “the autumn years”. The paper analyses the problem of classifying a building object to an appropriate life cycle when conducting a real estate valuation. The author searched for the answers to the question of when the liquidation phase begins, because the decommissioning of a building affects the landscape and spatial heterogeneity. The reasons for demolishing buildings were analyzed, and are as follows: the poor technical condition of building objects; functional wear; difficulties in carrying out renovation or reconstruction works; and financial unprofitability, which takes into account the life phases of buildings. This paper aims to prove the following theses:

Suggested Citation

  • Podwórna Monika, 2022. "The Aging of a Building Versus Its Life Cycle with Regards to Real Estate Appraisal," Real Estate Management and Valuation, Sciendo, vol. 30(2), pages 86-97, June.
    • Handle: RePEc:vrs:remava:v:30:y:2022:i:2:p:86-97:n:8
    DOI: 10.2478/remav-2022-0016
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    More about this item

    Keywords

    real estate market; life cycle; wear of a building object;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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