Property Valuation
What is 'external obsolescence' in a Delaware appraisal?
ALoss in value from outdated building design
BLoss in value caused by factors outside the property, such as a nearby highway, declining neighborhood, or economic conditions✓ Correct
CPhysical deterioration of the exterior of a building
DDamage caused by external weather events
Explanation
External (economic) obsolescence is a loss in value caused by factors outside the property boundaries, such as nearby incompatible land uses, economic decline, or changes in the neighborhood. It is typically incurable.
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