Property Valuation
A Connecticut appraisal report identifies 'external obsolescence' affecting a residential property's value. An example of external obsolescence would be:
AOutdated kitchen fixtures
BA cracked foundation
CA new high-traffic commercial development directly adjacent to the home✓ Correct
DInadequate closet space
Explanation
External obsolescence (also called economic or environmental obsolescence) is a loss in value due to forces outside the property—such as proximity to a noisy commercial development, a highway, or economic decline in the area. Unlike physical deterioration or functional obsolescence, it is typically incurable.
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