Once there was an old house that needed some sort of renovation. The tenant of that certain house moved in because the condition was acceptable and fine. After four months of moving into the house, the tenant stopped paying his monthly obligation. This is because he lost his job, so there was no cash inflow in his finances.
In order to oblige him to pay, a demand letter was sent to him. Thereafter, he replied saying that there was a security deposit which can be credited to his account. Included in the letter the different accusations that there were many maintenance he did while he was renting the house. Most of those allegations were false and stated in exaggeration. It was very clear that the tenant was only trying to draw facts that there was a breach of contract. Because of this complex scenario, the issue was sent to the court for litigation.
This situation is only one of the many possible scenarios in you do not know how o asses your property. There could be a possibility that a property diminished its value. Which means it can only be paid for a lower price than what you expected because of the damages present in the property. You may want to refer from this post: https://en.wikipedia.org/wiki/Diminished_value.
Diminished values are not only possible in the house or buildings. This can also possibly happen in vehicles. Cars are expensive when you buy it brand new and in latest model. The time you purchased it and by the time you started riding into it, the value started to diminish according to some financial analysts. What more if it encountered accident? Car collision may happen anytime. Any repair made because of wrecked can greatly affect the market value of the car. Most of the time, the insurance company will pay off any damage occurred in the car. However, its value continuously diminishes. The Hansen Price information should give you ideas about diminished cars.
Real estate property such as house or building and car are the most common assets that may diminish the value over time. However there are things that can be done to prevent if such as proper regular maintenance and also by insuring it in insurance companies. You can find many websites in the internet today that are discussing topics about diminished values. You may view their websites like the one of Hansen Price to check for more detailed information on how to adjust the value of certain property and many other tips about it. All you need to do is to patiently look after the answer to your question.