Which of the following is NOT a component of value in property?

In the context of property valuation, the components that typically influence value are desirability, utility, and scarcity. Each of these elements contributes significantly to how properties are perceived in the market and their overall value.

Desirability refers to the demand for a property, often influenced by location, amenities, and market trends. Utility relates to the property’s usefulness and how well it meets the needs of potential buyers or tenants. Scarcity reflects the limited availability of similar properties in a given area, which can drive value up when demand is high.

Durability, while it may contribute to the desirability and utility of a property, is not traditionally recognized as a direct component of value in the same way as the other three. Instead, durability relates more to the physical characteristics and lifespan of the property. A durable property may be more appealing, but it doesn’t inherently define its market value compared to the demand (desirability), the practical use (utility), and the limited supply (scarcity). This distinction underscores why durability is not considered a primary component of value in property assessments and appraisals.