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Physical deterioration in real estate refers to the condition of an improvement or property that has deteriorated or degraded over time due to natural wear and tear, environmental factors, or lack of maintenance.
Imagine that a home has not been well-maintained over the years, and as a result, the roof has started to leak and the paint is peeling. This deterioration has decreased the value of the property, as it is not in the same condition as when it was first built.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Physical deterioration, oh what a shame,
It's when the environment takes hold, and things aren't the same!
An asset, like a house or a store,
Can deteriorate over time, it's a fact, nothing more.
The roof may leak, the paint may peel,
The structure may weaken, and the value may feel.
It's a natural process, caused by the world around,
And without proper care, it can truly astound.
So remember, when owning an asset or land,
Physical deterioration can get out of hand!