When repairs to real properties are not performed on a regular basis, improvements can fall into a state of disrepair. In the appraisal profession, this is called Deferred Maintenance. Appraisers must assess the degree of deferred maintenance experienced by a property each time an appraisal is performed. In general, most properties do not suffer from any material amount of deferred maintenance, so it is not an issue in most evaluations. However, some properties are beset by significant deferred maintenance and this may be material to property owners considering upgrading properties or investors considering the purchase a property. In such a case, a professional appraiser will be able to provide a Deferred Maintenance Analysis on a given property. This Analysis should come complete with summary of the components of a property which require repairs and a cost to cure analysis as well.
ELLIOTT® offers Deferred Maintenance Analysis services nationwide. We are available for consultation to discuss what we can do to assist potential clients at no charge. Please call for more information.