Functional obsolescence is when a property's "utility" or usefulness is reduced due to certain factors, which in turn can lower its value and make it harder to sell.
These are questions that the above text answers:
1. What is functional obsolescence in real estate?
2. How does functional obsolescence affect property value?
3. What factors can contribute to functional obsolescence?
4. How does functional obsolescence impact the sale of a property?
5. What is the relationship between utility and functional obsolescence?
6. How does functional obsolescence differ from depreciation?
7. Can functional obsolescence be reversed or mitigated?
8. Are there any legal implications associated with functional obsolescence?
9. How can property owners identify functional obsolescence in their properties?
10. Are there any strategies to prevent or minimize functional obsolescence in real estate?