Right from the moment a property is developed, the physical structure of every estate begins to decline in usefulness and value due to obsolescence ( to grow old)
It is not possible to describe in details the pattern of an estate life cycle but it is easy enough to indicate the main stages experienced by most estate to pass from initial development to renewal and to describe the principal estate management problems relevant to this stages.
The pre -development stage
Newly developed stage
Middle life
old age
Total obsolescence.
This are Short explanations on the above listed stages
The pre -development stage: The site available for development may either be one never previously built upon or land cleared of its previous building. This is the stage when you get the land which is going to be used for the development you wanted to embark upon either as a lease or by direct sell
Newly developed stage :This is when the building have just been erected for the purpose in which it was build fir
Middle age:This normally is the longest stage in the life cycle and can be extended to at last almost permanently by carrying out renovation on that particular building.
Old age: like a human being, the end of middle life is marked when the property begin to sink rapidly in status. It shows the outward sign of obsolescence. Physically deterioration, adaptations to some poorer class of use than which its was designed.
Total obsolescence : The stage of complete obsolescence is reached when the old building and layout have little or no value as they stand. If all goes well clearance and redevelopment follow quickly, which the only value left will be the land which the total obsolute buildings on
By now I know you are convince and now you all know that even building of any kind live through pre, newly, middle, old, and the time of no use for it again.
"Place any questions you have on this and any other question relating to real estate thanks ".