Property Valuation
External obsolescence in Oklahoma might be caused by:
AA leaking roof on the subject property
BAn outdated floor plan in an older home
CA new industrial facility built adjacent to a residential neighborhood✓ Correct
DDeferred maintenance on landscaping
Explanation
External (economic) obsolescence is a loss in value caused by factors outside the property, such as nearby industrial development, economic decline in the area, or proximity to a nuisance. It is incurable because the owner cannot fix external factors.
Related Oklahoma Property Valuation Questions
- An Oklahoma appraiser reconciles the three approaches to value by:
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