What term is used to describe the loss of building value due to postponed repairs?

The term "deferred maintenance" refers to the loss of building value due to postponed repairs. This occurs when necessary maintenance tasks are not performed in a timely manner, leading to deterioration and potential depreciation of the property. When repairs are delayed, issues can escalate, resulting in more extensive damage and increased costs over time.

In property management, recognizing the significance of deferred maintenance is crucial. It highlights the importance of maintaining properties effectively to preserve their value and prolong their lifespan. By addressing maintenance issues promptly, property managers can ensure that the property retains its worth and continues to be a safe and functional environment for its occupants.

Other terms relate to different aspects of property maintenance. Corrective maintenance involves fixing identified issues as they occur, preventive maintenance is conducted to prevent potential problems before they arise, and routine maintenance refers to regular upkeep tasks performed to maintain the property's general condition.