FUNCTIONAL OBSOLESCENCE IN REAL ESTATE
Obsolescence.- The value of property or structures become less by its becoming out of date in style, in structure in design, etc., and this is termed as Obsolescence. An old dated building with massive walls, arrangements of rooms not suited in present days and for similar reasons, becomes obsolete even if it is maintained in a very good condition, and its value become less due to obsolescence.
The obsolescence may be due to the reasons such as a progress in arts, changes in fashions, changes in planning ideas, new inventions, improvements in design technique, etc. A machine of old design may become obsolete, through it may be in good running conditions and its value will be less. Thus, though the property is physically sound, it may become functionally inadequate and its economical return becomes less. When considering a real estate purchase, it’s important to be mindful of how functional obsolescence may impact the market value of a property.
Functional Obsolescence (Real Estate):-
In real estate, functional obsolescence refers to the diminishing of the usefulness of an architecture design such that changing it to suit current real estate designs is almost impossible. In the long term, functional obsolescence results in losses to investors due to the fact that real estate investments are financially intense……………………..
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