What is External Obsolescence?
What is External Obsolescence?
External obsolescence is a factor that reduces the value of an improvement because of something external to the property itself. It refers to something outside the home that is causing a lower property value.
Five examples of external obsolescence:
- Busy Road: This is a very common example of external obsolescence because we can see it in virtually every community to some extent.
- Commercial buildings: Residential and commercial uses tend not to mix well in suburban areas. It’s usually a negative factor when houses are located next to restaurants, retail or gas stations.
- Construction of a land fill next to a neighborhood.
- Railroad Tracks: Properties located near a railroad will suffer a hit when it comes to home values due to the noise factor.
- High voltage Towers: A view of nearby power towers usually results in a hit to property value.
External Obsolescence
What is External Obsolescence? For homeowners looking to do improvements in the hopes of getting a better sale price, this may be something to consider. With the help of myself and John of Freedom Mortgage, we can help you determine the best ways to increase the value of your property before listing. #RealEstate #Realtor #HomePurchase #BuyersMarket #FreedomFast #ExternalObsolescence #HomeValue
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