Modernization refers to the process of updating a property by incorporating advanced equipment, implementing contemporary aesthetic improvements, and removing outdated facilities. It can vary in degree and may be described as remodeling, renovating, rehabilitating, or redeveloping.
Physical life refers to the expected period of time during which a real estate improvement or structure is expected to remain physically intact and usable if proper maintenance is conducted.
Renovate refers to the process of upgrading or improving an existing structure, aiming to either restore it to its original condition or modernize it while preserving its general appearance. This process typically involves more extensive changes than remodeling but less than rehabilitating.
