What defines a curable item in property appraisal?

A curable item in property appraisal refers to a situation where the cost to repair or improve an element of the property is less than the increase in value that the repair or improvement will bring to the property. This concept is crucial in determining the economic feasibility of repairs during an appraisal.

When assessing whether a repair is curable, an appraiser evaluates whether the cost of repair will produce a greater value in the property than the expenditure invested in the improvement. If the repair cost is less than the projected contributory value of the better condition, it indicates that the repair is economically viable and should be pursued to enhance the overall value of the property.

This principle aids appraisers in making informed decisions about how to approach various aspects of property valuation, and it is a fundamental concept in the cost approach to property valuation. Understanding this concept allows appraisers to differentiate between repairs that are worth undertaking and those that may not add sufficient value to justify the costs involved.