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Betterment refers to improvements that increase the value of an asset or make it “better”. In real estate terminology, betterment is an improvement to an asset or surrounding infrastructure that adds value to the asset.<\/b><\/p>
There is an important difference between betterment and general repair and maintenance.\u00a0<\/b><\/p>
For example, fixing a roof or painting the home is not considered betterment because it simply maintains the property\u2019s original value.\u00a0<\/b><\/p>
Whereas, adding a new garage or a new bedroom is considered betterment because it will increase the value of the property significantly.\u00a0<\/b><\/p>
Below mentioned is another example:<\/b><\/p>
Betterment<\/u>: Adding a 2nd bathroom to a property that had only one previously.<\/b><\/p>
General maintenance<\/u>: Replacing the plumbing system with a new one.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t