functional obsolescence

functional obsolescence

A loss of value from all factors within a property except for physical deterioration.This may include a poor floor plan,the lack of a garage,high ceilings that dramatically increase heating costs, or the lack of central air conditioning in the South. Contrast with economic obsolescence (factors outside the property that depress its value) and physical obsolescence (deterioration).

References in periodicals archive ?
Project need is to replace the aging bridge structures (#10590 and # 10600) built in 1963 due to functional obsolescence and width restrictions.
As part of RFR's ongoing stewardship of this landmark building, we feel an obligation to undertake this important project to restore the luster the space possessed upon opening in 1958, which has succumbed to normal wear and tear and functional obsolescence noted the statement.
Other forms of depreciation include functional obsolescence and external obsolescence.
Caption: A poster child of functional obsolescence, running along U.
In considering new locations, users want to make the right decision about their move, and functional obsolescence is becoming harder to work around.
Dr Maher Tadros, professor of civil engineering at the University of Nebraska, said: "We're tearing bridges down after 40 years because of functional obsolescence, but the precast pre-stressed girders that come out of them are just like brand new.
Ford combed through the property tax rolls slashing or eliminating high functional obsolescence rates set under his predecessor, Robert J.
Functional obsolescence adjustments applied to some buildings and equipment.
But owning also exposes the business to functional obsolescence.
Instead of merely recommending payment of the $9,000, the adjuster must now evaluate the age, condition, market value, and possible functional obsolescence of the damaged property in order to determine and apply appropriate depreciation to the damaged item(s) and recommend an initial net actual cash value payment.
Together with the prime contractor, Abt Associates, which will be responsible for data integration and cost extrapolation, CAS FAS will assess the portfolio's physical condition and quantify the total cost of addressing physical and functional obsolescence.

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