Definition: An addition or alteration to land, such as a building, driveway, or utility installation. It can also refer to a change to an existing structure.
Example
A vacant parcel receives a building and paved access as improvements to the site.
Keep the distinction clear
An improvement's cost does not guarantee an equal increase in market value. Whether an expenditure is a repair or capital improvement for tax purposes is a separate analysis.
Related terms
Overimprovement · Cost · Market Value
Keep studying
CMA vs. Appraisal: What Is the Difference?
References: California DRE: real estate glossary
Pronunciation (US): im-PROOV-munt (capitals show stress)
Pronunciation reference: Merriam-Webster
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