Functional Obsolescence


Definition of "Functional obsolescence"

Georgia Curie
  Cherry Creek Properties LLC

Also called functional depreciation. Loss of value that results from improvements that are inadequate, outdated, overly adequate, or improperly designed for today's needs. May be curable or incurable.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Backfill

Dirt around a building's foundation for support. Holes are filled in. ...

Capital Markets

Markets for long-term bonds and equity securities of real estate companies. ...

Seaworthiness Admitted Clause

Part of a marine cargo policy that exempts the policyholder from vouching for the seaworthiness of t ...

Sales Expenses

Charges incurred in making a sale of real estate such as real estate commissions and attorney fees. ...

Agreed Amount Form

Same as term Agreed Amount Clause: in property insurance, a stipulated agreement between the insuran ...

Unfair Claims Practice

Abuse by an insurer in an effort to avoid paying a claim filed by an insured, or to reduce the size ...

Related Real Estate FAQ

Is Depreciation Common?

Generally, real property never depreciates in value, or more so, it is not very common for property ...

What Is A Subprime Mortgage?

A subprime mortgage is a mortgage granted to a borrower who is considered subprime-that is, a person ...

What Is A Proration?

A proration is the division of certain fees. If the sellers have paid the taxes six months in advanc ...

How Much Can I Afford ?

Find out what type of home is in your budget by entering a few numbers into our calculator. Our calc ...

Should I Pay Points For A Lower Rate?

Paying points for a lower interest rate is a trade off between paying money now versus paying money ...

What Is Loan Amortization?

This calculator will amortize your mortgage over the loan period based on your input. To see a break ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

What do Real Estate Attorneys do? How To Sell Your Home What Costs Do Buyers and Sellers Pay On Big Day When Escrow Closes? What Must I Disclose When Selling My Home? 5 U.S. Cities with the Best Public Transportation

FAQ

What do I need to know about Homeowners Insurance? What is an origination fee? What is a rate lock? What is a lien? I need Hospital Insurance in addition to my current health insurance policy?