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 ?
It lasted all the way to 1910--a mere thirteen years--a classic example of functional obsolescence.
I completed the cost approach using the replacement cost of a Class S industrial building and deducted the cost to convert from functional obsolescence.
Rizal Center was also soon faced with real estate issue of functional obsolescence.
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.
Transplant: By reviving two mid-century former dormitory buildings, the university could cure functional obsolescence within budget and give new life to the buildings.
Caption: A poster child of functional obsolescence, running along U.
The older machines that have such suffering have suffered functional obsolescence and they reducein value arrived at on application of depreciation,to a greater extent.
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.

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