How is the remaining useful life of a component determined?

The remaining useful life of a component is determined by subtracting the number of years the component has already been in use from its total useful life. This method provides a straightforward way to calculate how much longer a component is expected to last based on its initial expected lifespan.

For instance, if a component has an expected useful life of 10 years and has been in use for 3 years, the remaining useful life would be calculated as 10 - 3, resulting in 7 years remaining. This approach helps community managers and property managers make informed decisions about maintenance, replacement, and budgeting for future repairs or upgrades of property components.

In contrast, the other options do not accurately represent the correct method for determining remaining useful life. The second option introduces confusion by using "remaining life" without context, while the third and fourth options incorrectly factor in cost, which is not relevant to calculating the remaining useful life of the component.