Wear And Tear | Propertylogy
Home   >   Academic   >   Wear And Tear

Wear And Tear

By on December 28, 2019

Wear and tear refers to the physical deterioration of property caused by natural disintegration which includes being subject to the weather.

This can cause problems and defects on foundations, structures, cosmetics, etc.

You need to know: What lenders hope you never learn about mortgages

Property that has suffered from wear and tear can be eligible for cost recovery.

Normal wear and tear is often mentioned in real estate.

Normal wear and tear specifically refers to the physical deterioration of improvements that has arisen from the ordinary use of property and age.

Thus, normal wear and tear can be very different in terms of time frames depending on how the property is being used.

For example, a restaurant that serves hundreds of customers each day can be subject to quicker deterioration compared to a residence with two inhabitants. Therefore, there would be a higher costs of maintenance.

In any case, tenants should check with landlords about the terms of contract regarding wear and tear that dictates the condition in which the property needs to be returned upon the termination of expiration of the lease.



You May Also Like...

hair1 eye1 abs1
Latest Singapore home loan rates
Hidden items that bring up mortgage costs
Hiring a competent agent
How to burn more calories in the office

Send this to a friend