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Simple English definitions for legal terms
functional obsolescence
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A quick definition of functional obsolescence:
Functional obsolescence is when something becomes outdated or no longer useful because of its design or equipment, or because newer and better versions have been created. This can happen to anything from technology to buildings. It is different from physical deterioration, which is when something breaks down or wears out over time. Functional obsolescence can lower the value of something and make it less desirable to use or own.
A more thorough explanation:
Definition: Functional obsolescence is when a property becomes less useful or valuable due to inherent deficiencies in its design or equipment, or due to improvements in the property since its use began.
For example, a house built in the 1950s may have a small kitchen and outdated appliances, making it less desirable to buyers who want a modern, spacious kitchen with new appliances. This is an example of functional obsolescence due to inadequate equipment or design.
Another example is a computer that was top-of-the-line when it was purchased a few years ago, but now cannot run the latest software or games. This is an example of functional obsolescence due to improvements in technology since its use began.
Functional obsolescence can decrease the value of a property and make it less desirable to buyers or tenants. It is different from physical deterioration, which is caused by wear and tear over time.