“Whether a home, business, or farm is maintained, repaired or improved today determines how long it will last and how well it will operate in the future. However, the owner who has paid for repairs and maintenance does not have to wait to see the future effects on the property’s value. These future benefits are immediately reflected in the property’s present value. The “present value” of an asset is in fact nothing more than its anticipated future benefits, added up and discounted for the fact that they are delayed.”
— Basic Economics by #ThomasSowell