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Obsolescence.
A
loss of value to a property due to the usefulness of the
structure. Outdated design or construction may lead to
this.
For
instance, an older home may be labeled with the following
examples of obsolescence:
- location:
an undesirable location may contribute to lower property
value
- excessive
maintenance: properties that may be constructed of
materials which will require excessive maintenance
- room
size: rooms of inadequate, functional space may
lower value
- out-dated
utilities/fixtures: electrical, plumbing, heating,
a/c that are out of date and would require reworking to be
up to code will cause a property to be less desirable and
therefore, less valuable
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