What differentiates a curable condition from an incurable condition in property appraisal?

In property appraisal, a curable condition is defined as a physical defect or issue that can be corrected at a cost that is less than or equal to the increase in value it brings to the property. Therefore, the cost of repair being offset by the added value is the key differentiator, as it signifies that fixing the issue is economically viable and beneficial to the property’s overall worth.

When a repair enhances the marketability and value of a property more than the initial investment required for the repair, it qualifies as curable. This evaluation ties closely to the principle of economic feasibility in appraisal, which emphasizes making decisions that enhance property value in a cost-effective manner.

In contrast, incurable conditions typically involve defects whose repair costs exceed the potential increase in property value or may involve issues that are unreasonable to resolve under market conditions. Understanding this distinction allows appraisers to accurately assess properties and determine which conditions warrant financial investment towards improvement.