out dated: What is Functional Obsolescence?
- 08/09/10 03:06 PM
One of my favorite clients just asked me why a particular property in a very exclusive suburb (Edina) isn't selling. I visited the house and made my notes and here is the response I sent to my client:"The home on [this street] has one critical problem - and in real estate we call it "functional obsolescence". You're aware that things like wallpaper, color palettes, and flooring become obsolete over time - and these things are more or less inexpensive to change. But what happens when a floorplan becomes obsolete? That's an expensive fix, as one has to move walls, move utilities, … (4 comments)
One of my favorite clients just asked me why a particular property in a very exclusive suburb (Edina) isn't selling. I visited the house and made my notes and here is the response I sent to my client:"The home on [this street] has one critical problem - and in real estate we call it "functional obsolescence". You're aware that things like wallpaper, color palettes, and flooring become obsolete over time - and these things are more or less inexpensive to change. But what happens when a floorplan becomes obsolete? That's an expensive fix, as one has to move walls, move utilities, … (4 comments)
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