Real Estate Term of the Day: Deferred Maintenance
DEFERRED MAINTENANCE – a type of physical depreciation owning to lack of normal upkeep (Barron’s Dictionary of Real Estate Terms)
Common examples of deferred maintenance can be:
- broken windows/doors
- missing roof shingles/severely damaged roof
- peeling paint
- broken gutters
- wood deck maintenance
- neglecting broken a/c, finance, hot water systems
It is very important to keep your home maintained and in good condition. Deferred maintenance can cost you several thousands of dollars, more if neglected too long. Especially if you are thinking of selling your home, it is very important to ensure these items are taken care of so you aren’t punished on the sales price by the buyer. A buyer can immediately detect pride of ownership with a well maintained home and are usually willing to pay extra!
LESLIE MONACO REAL ESTATE 