What does the term "deferred maintenance" refer to?

The term "deferred maintenance" specifically refers to repairs or maintenance that have been postponed or neglected. This concept is significant in property management and real estate because it highlights the impact of delaying necessary repairs. When maintenance tasks are not addressed in a timely manner, they can lead to more extensive damage, increased repair costs, or even safety hazards. Understanding deferred maintenance is crucial for evaluating the overall condition of a property and assessing its long-term value. The focus is on missed or neglected upkeep, which can accumulate over time, leading to a deterioration in property quality and potentially affecting property value, safety, and habitability.