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 Functional obsolescence is the reduction of an item’s desirability or functionality due to an outdated and/or poor design, new technology, or changes in the standards of the market.
Functional Obsolescence
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 Functional obsolescence is the reduction of an item’s desirability or functionality due to an outdated and/or poor design, new technology, or changes in the standards of the market.
