What is typically considered a long-term item in property valuation?

In property valuation, long-term items are those that are considered to have a significant lifespan and contribute to the overall value of the property over an extended period. Cabinets are typically built-in fixtures that are expected to last many years, often decades, and are considered integral to the function and appeal of a home. They are not easily replaced or removed without significant cost and disruption, which reinforces their status as a long-term item.

In contrast, elements like HVAC systems, parking lots, and water heaters have varying lifespans. While HVAC systems can last a long time, they often require replacement or upgrades within a shorter time frame compared to cabinets. Parking lots, although they can last many years, are generally viewed as part of the site rather than an intrinsic part of the structure. Water heaters also have a relatively predictable lifespan and may need frequent replacement, which makes them less of a long-term investment in the context of property valuation.

Therefore, cabinets stand out as a fixture that not only enhances the functionality and aesthetic of a property but also retains value over a longer duration, making them a quintessential long-term item in property valuation.