What factors influence the economic life of a building?

The economic life of a building is influenced by several interconnected factors that determine how long the building will remain economically viable or productive. The correct choice identifies three critical components: the age and condition of the building, the use of the building, and the owner's repair policy.

The age and condition of the building are fundamental because they directly impact the building's functionality and market appeal. As buildings age, wear and tear can lead to decreased attractiveness and usability, which can shorten their economic life unless properly maintained or renovated.

The use of the building is equally important, as different types of use can affect how well a building serves its intended purpose. For example, a commercial building that adapts to market trends may have a longer economic life than one that does not.

The owner's repair policy plays a crucial role as well. A proactive repair and maintenance strategy can significantly extend a building's economic life by ensuring that it remains in good condition, thus retaining its value and usability longer than a property that is neglected.

In summary, all three factors work together to define how long a building will be economically viable, making the correct choice comprehensive and well-rounded in capturing the essence of what influences the economic life of a building.