Real Estate Glossary

Functional Obsolescence

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Richard Wilson
Written by Richard Wilson

This is a form of accrued devaluation examined in the cost approach to market pricing. Functional obsolescence is the reduction of an item’s desirability or functionality due to an outdated and/or poor design, new technology, or changes in the standards of the market.

This is a form of accrued devaluation examined in the cost approach to market pricing. Functional obsolescence is the reduction of an item’s desirability or functionality due to an outdated and/or poor design, new technology, or changes in the standards of the market.

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Richard Wilson

Richard Wilson

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