Is your functionally obsolete? It’s a very sad-sounding term that appraisers use to describe a home that is outdated compared to current standards. An example of this would be a three-bedroom, one bathroom home. Who wants a house like that? Nobody, that’s who. Now, some people will of course buy a house like that – because any house will sell, for the right price. But certainly, a 3 bedroom, 1 bathroom home is less useful and less desirable than a 3/2. There are other examples of this – like a home with a 1 car garage in a neighborhood where almost all homes have 2 or 3 car garages. Or a tiny closet from the 1950’s – when modern homes have closets that are 3-4x larger, at least. Or choppy floor plans featuring galley kitchens that nobody really wants anymore. These are examples of functional obsolescence, and if your home suffers from this, it’s going to sell for less than other homes in your neighborhood that are otherwise similar. This is an important factor to keep in mind when putting your home on the market. It’s important to be realistic about what the market (buyers) value, and what they don’t.
Functional Obsolescence and Your Home’s Value
Compass Coming Soon
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