What Is Functional Obsolescence in Real Estate? | …
Aug 14, 2020 · According to The Dictionary of Real Estate Appraisal, Fifth Edition, the term "functional obsolescence" is defined as "the impairment of functional capacity of a property according to market tastes and standards." In simpler terms, that definition essentially means that there is a reduction in the property's desirability, typically because of an outdated feature that cannot easily be altered or changed.
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