What condition must be met for a property defect to be considered curable obsolescence?

For a property defect to be considered curable obsolescence, the key condition is that the defect can be repaired. Curable obsolescence refers to a situation where the cost of remedying the defect is less than the increase in value that the repair would bring. Therefore, it is essential that the repair is feasible and economically justifiable.

In this context, the condition that is needed for obsolescence to be classified as curable is the ability to repair the defect. This implies that if a property has a defect, and that defect can be addressed through feasible repairs, it is seen as curable. While the specific costs associated with the repairs can influence the decision-making around whether to invest in those repairs, it is the fact that the repair can be made that fundamentally determines whether the obsolescence is curable.

The focus should be on the condition being met—repairability—and not solely on the cost. Therefore, options discussing specific repair costs or indicating that a defect is inherently incurable due to external factors do not address the crucial aspect of whether the repair can actually be completed. The essential criterion is the capacity for the defect to be repaired rather than the cost involved in that repair.