What is meant by “curable depreciation” in property appraisal?

Curable depreciation in property appraisal refers to a type of depreciation that can be remedied through repairs or upgrades at a cost that is less than the value it would add to the property. This means that if a property has certain issues—such as outdated appliances, a damaged roof, or peeling paint—these problems can typically be fixed without incurring costs that exceed the increase in value resulting from those repairs. This concept is particularly important in valuation because it influences how appraisers determine a property’s overall worth and helps identify where investments can significantly enhance property value.

The other options relate to different aspects of property depreciation. Inherent physical limitations refer to structural issues that are often permanent or costly to resolve, making them harder to mitigate economically. Factors affecting property due to neighborhood transitions cover external influences that may decrease property value but are not directly fixable by the property owner. Lastly, tangible declines in land value address the broader market or location issues that impact property value, which typically fall outside the owner’s control and aren’t categorized as curable.