When a house you own is rented there will be a growing yellow meter below it. This meter shows how much time is left before something will require repairs. Once something needs repairs you will have the opportunity to fix the issue right away. If you don't the meter will change to a faster-growing red meter. Once that red meter becomes full, then you will have one last chance to repair the issue. If you don't, your house's condition will slip by one grade. If the house was already in bad condition (ie. has one star) then the housing authority will condemn the house and the bank will take the house back over.
Any house with pending repairs will have them automatically repaired for free if an upgrade or a renovation is ordered. This usually isn't a lot of money saved as repairs are much cheaper than upgrades or renovations but it can be a good reason to skip making a repair if you intend to upgrade or renovate soon.
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