The three types of capital improvements that may be approved by an asset manager if a decision is made to hold a property include all of the following except:

An asset manager typically focuses on maximizing the value of a property, and capital improvements are a key strategy in achieving this. There are three primary types of capital improvements: remodeling, rehabilitations, and renovations. Each of these types involves enhancing or updating the property to meet current standards or to improve its overall functionality and aesthetic appeal.

Remodeling refers to significant changes in the layout or structure of a space, often involving major alterations to accommodate new uses or to modernize the design. Rehabilitations, on the other hand, deal with restoring and upgrading property components that may have deteriorated over time, bringing them back to a satisfactory state. Renovations usually imply improvements and updates that enhance functionality or appearance without altering the fundamental structure extensively.

Renewals, however, typically refer to routine maintenance or the replacement of existing features rather than significant enhancements or changes. This may involve activities like repainting, replacing worn carpeting, or other necessary upkeep that does not elevate the property's overall value to the same degree as the other types of capital improvements.

Choosing options related to remodeling, rehabilitations, and renovations aligns with the broader strategic goals of asset management, which prioritize substantial enhancements that can lead to increased property value and operational efficiency.