Obsolescence

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obsolescence

[‚äb·sə′les·əns]
(engineering)
Decreasing value of functional and physical assets or value of a product or facility from technological changes rather than deterioration.

Obsolescence

A loss in value due to a decrease in the usefulness of property caused by decay, changes in technology, people’s behavioral patterns and tastes, or environmental changes. Items or buildings that become out of date or practice and fall into disuse; also impairment of a building resulting from a change in the design or from external influences which tend to make the property less desirable for continued use.
References in periodicals archive ?
Overall obsolescence can result from many factors that do not readily fit into any of the other categories.
The great difficulty with current thinking about the criteria for measuring external obsolescence is lack of data or its imperfections.
These are circumstances in which no sales or rental data exists to support the presence of external obsolescence.
As a first step in estimating external obsolescence, the appraiser should identify all such forces, positive and negative, that might impact value.
The judgment should be market oriented, estimating the market value at this juncture in the valuation process order (i.e., after deductions for superadequacy, baseline depreciation, special incurable functional obsolescence, and overall obsolescence).
In the order of deductions for the various forms of accrued depreciation other than external obsolescence and the curables, only so much value remains.