Incurable Depreciation
Definition of "Incurable depreciation"
Occurs when the cost of repairing a component of a building structure exceeds the value of the structure and is therefore uneconomical to perform. For example, because of extensive settling, the foundation of an old home crumbled and had to be replaced. However, the cost of replacing the foundation with the structure on it exceeded the value of the structure. Therefore, it was considered incurable depreciation and the building was condemned and razed.
When purchasing a property that is in need of a lot of work, it is a good idea to have a surveyor, engineer and contractor assess the amount and cost of the work to know the true value of the property.
Popular Real Estate Terms
A style of architecture originating in Europe in the 1920s. The international architecture design was very functional and emphasized buildings constructed of steel, reinforced concrete, and ...
Horizontally placed timber that is connected to other timber. Smooth, flat, thin piece of metal. Electrical covering. ...
In conducting a real estate transaction, each party is presumed honest and fair with no deceit. The intentions are honorable and realistic. If deception occurs without prior knowledge, the ...
Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
Threat of violence to obtain a contract. ...
Usually a fairly large site zoned and planned for the purpose of industrial development and located outside the main residential area of a city. Industrial parks normally are provided with ...
Retail businesses next to each other with common walls on each side and the same roof. ...
Window designed in an alcove extending outside the structure. A bay window makes the home look more attractive and adds light, as well as providing a better view. ...
Have a question or comment?
We're here to help.