Which term describes the remaining useful life of a property?

The term that best describes the remaining useful life of a property is related to the assessment of how much longer a property is expected to be usable compared to its total expected life. This perspective is encapsulated in the difference between the actual age of the property and the total expected life it has.

Remaining useful life considers not just physical condition but also market expectations and potential enhancements that could extend usability. It serves as a measure of the property’s potential future performance before it may require significant renovations or replacement. This is why identifying the remaining useful life is crucial for property valuation, tax assessments, and investment decisions.

The other terms offered do not accurately capture the concept of remaining useful life. For instance, the lifespan before demolition may suggest a timeframe for the building's physical presence rather than its operational efficacy. The value projected after depreciation focuses more on financial assessment rather than the usability aspect of the property. Lastly, the total years until refurbishment might imply a point of investment or maintenance rather than assessing the overall usability and livability of the property in its current state.