Asbestos is a mineral fiber that was once commonly used in a variety of building construction materials for insulation and as a fire-retardant. While its use has declined since the late 20th century due to health concerns, the presence of asbestos in older buildings remains a significant issue due to its potential health risks.
Curable Depreciation refers to a type of property deterioration that can be corrected at a cost that is less than the value it will add to the property.
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updating a property by incorporating advanced equipment, implementing contemporary aesthetic improvements, and removing outdated facilities.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.
Remodeling refers to changes made to the appearance and functional utility of a building, which could include painting, repairing, and replacing of fixtures and equipment.
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.
