types of property obsolescence
Page 2 of 4. The most important thing in identifying any of the six forms of functional obsolescence is. to look through the eyes of the typical market participant when the appraiser is viewing. the property. Keeping in mind the concept of market value the willing market.
Easier to explain and observe, external obsolescence refers to an undesirable factor outside the property and is generally not curable. This can include: Highways: Unless youâre a NASCAR fan, having traffic buzz past your front yard at 55 mph isnât the most desirable situation.