There are 3 types of flaws known as "obsolescence" which could impact the value of your home.Functional Obsolescence - your property can lose value due to its architectural design, building
What Causes Your Home To Lose Value
Dated: January 2 2021
There are 3 types of flaws known as "obsolescence" which could impact the value of your home.
Functional Obsolescence - your property can lose value due to its architectural design, building style, size, outdated amenities, local economic conditions and changing technology.
Economic Obsolescence - your property can lose vaue when it is impacted by external factors such as busy roadways, or construction of county jails, or sewer treatment plants on adjoining property.
Physical Obsolescence - your property can lose value due to its physical neglect.
All of these types of obsolescence can impact the value of your home:
Rooms of improper size
Out-of-date plumbing, heating, and electrical fixtures and systems
Having a mismatched number of bedrooms and bathrooms (3 bedrooms, 1 bath)
Physical deterioration of the home
Living too close to active train tracks
Your property is located on a busy road
Overimproving on your property (enlarging your home to 4 bedrooms in a 2 bedroom neighborhood)
Home ownership is all about home maintenance. Maintaining your home is something under your control and will help your home to maintain its value.
I'm a baby boomer who grew up during the 1950s in The Bronx, NY. In the mid 1960s my family relocated to Monmouth County, NJ where I graduated from high school and attended what is now known as Monmo....