On today show we are talking about functional obsolescence. So what exactly is functional obsolescence?
Those old 1950’s houses with the small kitchen that you can touch both walls when you stretch your arms out fully. You can put in new cupboards and appliances, but you will still have a tiny 1950’s kitchen. The functional flow of the home won’t match the needs of today’s modern family where the kitchen is the hub of virtually any home.
Economic obsolescence is when the functional obsolescence is curable, but not practically curable due to the cost of making the changes compared with the cost of outright replacement.
Incurable obsolescence is when there is something about a property that simply cannot be fixed without a complete reconstruction. These are things like ceiling height. A modern office building simply won’t do well with an 8 foot ceiling height.
