The "utility" of a property refers to its usefulness. "Obsolescence" is when a property becomes outdated and is no longer as useful as it once was. This is usually the biggest factor in reducing its value. However, if a property is "properly maintained", its age will not have a big impact on the value. Deterioration and lack of maintenance can also reduce the value, but these issues can usually be fixed.
These are questions that the above text answers:
1. What does "utility" refer to in real estate?
2. How does obsolescence affect property value?
3. What is the biggest factor in reducing a property's value?
4. How does proper maintenance impact a property's value?
5. Can the age of a property have a big impact on its value?
6. What can reduce the value of a property besides obsolescence?
7. Can deterioration and lack of maintenance be fixed?
10. What are some factors that can impact a property's value?