Remaining economic life (REL) is the estimated time period for which the improvements (the house/building) continue to contribute to the value of the property. It describes the amount of time a home will remain on a site, until it is to be demolished for redevelopment. Things that affect REL are: the age and condition of the home, demand for building lots, and the zoning and future zoning plans for the area. “Does this house provide substantial economic benefit to the property as a whole?” If the answer is NO, it is highly probable the home would soon be demolished for future development and the REL would be closer to 0-5 years.