Some property life cycles appear very quickly, with a few years or even months separating the initial construction and the final phase. In other cases, a heritage can remain for several centuries in a single stage of its life cycle. It is impossible to indicate the average time that the life cycle of a farm takes to complete its revolution, but in the case of ordinary domestic buildings of traditional construction, a period of 60-100 years is usual. However, there are indications that with the rapid pace of technological development, this period will tend to shorten.
In the center of our oldest towns, examples of polygons that have gone through a series of life cycles abound, and successive buildings have been erected and rebuilt, but more common is the polygon that is already in some stages of its first cycle. . . A building becomes completely obsolescent or dies when it is physically exhausted or when it is no longer economically worthwhile to keep it in use. In practice, the latter is often the determining factor, since the rate of physical obsolescence can be controlled through repairs and improvements, provided there is an economic incentive to bear the cost. A special case is that of a building of great historical interest that can be preserved as a living fossil long after it was expected to perish.
While it is not possible to describe the pattern of the life cycle of an estate in detail, it is quite easy to indicate the main stages experienced by most estates from initial development to renovation, and to describe the main management issues of the estate. patrimony corresponding to each stage. as follows
1) The pre-development stage.
2) The newly developed stage.
3) The half-life stage.
4) The stage of old age.
5) The stage of total obsolescence.
The Pre-development stage
The site available for development may be one that has never been built before or has been cleared of its previous building. Land in this expectation stage tends to be neglected as the owner restricts spending on its current use, whatever it may be like agriculture, market, gardening, parking, it should be noted that any investment in improvement should be paid off as soon as possible. how development takes place. Consequently, sites awaiting development are often the prey to nuisance, and even when well fenced, can be subject to garbage dumping, trespassing, fly-laying, and other similar afflictions. When the pre-development stage is short, these difficulties are not serious, but when the length of this period is uncertain, effective land use and management may become impossible.
The stage of new development
When a farm is newly developed, it must be adapted to its use in all aspects and therefore must not be affected by obsolescence. In practice, however, very few buildings, even when new, meet this standard. For example, imperfect planning, external changes that take place between the planning and construction stages, and perhaps small defects in construction, can introduce elements of obsolescence. However, the utility of a building when it is new is usually greater than at any time thereafter. In the early years of life, obsolescence is likely to occur at a higher and regular rate as the advantages of being new and modern are lost. This will be largely determined by the speed with which newer and more modern comparable buildings are built, forcing higher standards through competition. Occasionally, as in the case of speculative development that does not find an occupant, a new building may become obsolete as soon as it is completed.
The half-life stage
This is normally the longest stage of the life cycle and can be extended to last almost permanently. It begins as soon as the advantages of being new and updated in the early development stage are gone and the building is established at its level of utility and long-term value. However, when the value of new buildings tends to be much higher than that of older properties, the incentive to increase the pace of renovation can lead to a shortening of the median period of midlife. During mid-life, physical deterioration is normally kept in check by proper maintenance and annual decline in value due to modifications, additions, improvements, and perhaps conversions that may be significant enough to constitute virtual replacement and a restart of the entire life cycle. .
The stage of old age
The end of middle age is marked when property begins to rapidly sink into status. It shows outward signs of obsolescence, such as physical deterioration, adaptation to a poorer class of use than it was designed for, obsolete accessories and equipment, and its remaining life becomes predictable. Management problems at this stage are dominated by the short remaining life, which is generally less than fifteen (15) years. New investments to improve facilities or even to keep them in an efficient state for use become more difficult since the increase in annual value that is likely to result is insufficient to provide a reasonable return on capital and a sinking fund to replace the amount of principal by the end of the life of the investment. Consequently, the improvements and adaptations necessary for the maintenance of the heritage are first limited and then completely neglected. When this stage is reached, it is often a state’s policy to restrict all expenditures to a minimum and deplete existing assets awaiting development. When premises are leased, it is also necessary to limit the granting of new leases so that the length of their terms does not exceed the date on which development is contemplated. Tenants who have short-term interests pending development will generally have little incentive to maintain the property beyond the lowest standards of repair and physical condition, and may give rise to other management issues related to its use and care.
complete obsolescence
Firstly, the stage of total obsolescence is reached when the old buildings and layout have little or no value as is. If all goes well, cleanup and redevelopment will quickly follow, but there may be factors that prevent this. The first is that the site may have insufficient value to justify demolishing the old structures and replacing them with something new. In other words, economic pressure may not be enough to drive renewal. Second, the pattern of redevelopment may require changes to the size and shape of the site that cannot be secured in one. This arises when a comprehensive renovation is needed to meet modern traffic conditions and existing small development units need to be merged for redevelopment purposes. In these circumstances, it is often necessary for individual obsolete buildings to remain until all areas are capable of being fully cleared. Third, it happens that a building is totally worn out and, by contemporary standards, no longer suitable for occupancy. But due to the shortage of accommodation, it continues to have use and income. Therefore, it retains a sometimes high value, and it is not strictly obsolete from an economic point of view, although it is in social terms.