Economic life of a building
Several definitions have been developed to assess or specify the life of buildings, structures and their components, from the perspective of different stakeholders.
Economic life refers to the amount of time an element is in service before its replacement is more advantageous economically than the continued maintenance that will be required to keep it in service.
Economic life may be a key consideration of owners, particularly if they are managing the an asset from which they wish to ensure an adequate return on the investment they have made by purchasing or building it and operating it.
However, as there is no general legally-agreed definition of economic life, if it is to be included in contract documentation as a performance requirement, it is important that it is carefully defined within those contract documents and that it is consistent with all other requirements in the contract documents.
NB BG 87/2024, Useful Information Guide, written by Chin Hang “Kay” Lam and published by BSRIA in 2024, defines economic life as: ‘The estimated number of years until an item no longer represents the least expensive method of performing its function.’
Other definitions of life include:
[edit] Related articles on Designing Buildings
- Concept structural design of buildings.
- Decommissioning.
- Demolition.
- Design quality for buildings.
- End of life potential.
- Fitness for purpose.
- Life.
- Life cycle assessment.
- Service life.
- Structures at the end of their design life.
- Useful life.
- Utilising life cycle costing and life cycle assessment.
- Whole-life costs.
Featured articles and news
HSE simplified advice for installers of stone worktops
After company fined for repeatedly failing to protect workers.
Co-located with 10th year of UK Construction Week.
How orchards can influence planning and development.
Time for knapping, no time for napping
Decorative split stone square patterns in facades.
A practical guide to the use of flint in design and architecture.
Designing for neurodiversity: driving change for the better
Accessible inclusive design translated into reality.
RIBA detailed response to Grenfell Inquiry Phase 2 report
Briefing notes following its initial 4 September response.
Approved Document B: Fire Safety from March
Current and future changes with historical documentation.
A New Year, a new look for BSRIA
As phase 1 of the BSRIA Living Laboratory is completed.
A must-attend event for the architecture industry.
Caroline Gumble to step down as CIOB CEO in 2025
After transformative tenure take on a leadership role within the engineering sector.
RIDDOR and the provisional statistics for 2023 / 2024
Work related deaths; over 50 percent from construction and 50 percent recorded as fall from height.
Solar PV company fined for health and safety failure
Work at height not properly planned and failure to take suitable steps to prevent a fall.
The term value when assessing the viability of developments
Consultation on the compulsory purchase process, compensation reforms and potential removal of hope value.
Trees are part of the history of how places have developed.