The Typical Life of a building is its expected life, based on its type, style and quality. You can set Typical Life by selecting one of the following:
Marshall & Swift: Select this option to set the Typical Life from the table in Section E of the Residential Cost Handbook, which has the following Typical Lives:
|
|
Single-Family Residences |
Low-Rise Multiples, Town Houses, Duplexes |
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|
Quality |
Frame |
Masonry |
Frame |
Masonry |
|
Low |
45 |
50 |
-- |
-- |
|
Fair |
50 |
55 |
45 |
50 |
|
Average |
55 |
60 |
50 |
55 |
|
Good |
55 |
60 |
50 |
55 |
|
Very Good |
60 |
60 |
55 |
60 |
|
Excellent |
60 |
65 |
55 |
60 |
Entered Value: Select this option to enter your own Typical Life.
Residential Estimator uses Typical Life to calculate the section’s combined physical and functional depreciation percentage if you use either of the following methods:
Marshall & Swift Tables: With this method, Residential Estimator uses the Typical Life, together with the Effective Age, to calculate the amount of normal physical and functional depreciation using the depreciation table in Section E of the Residential Cost Handbook.
Age/Life (Straight Line): With this method, Residential Estimator calculates the depreciation percentage as the Effective Age divided by the Typical Life.