Property Valuation
Economic obsolescence (external obsolescence) in a Virginia appraisal is caused by:
AA leaky roof on the subject property
BAn outdated floor plan
CA nearby industrial plant that opened after the home was built✓ Correct
DDeferred maintenance on the HVAC system
Explanation
Economic (external) obsolescence is a loss in value caused by factors outside the property, such as nearby industrial development, traffic changes, or economic decline in the area. It is typically incurable.
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