Obsolescence, in regards to property, describes out-of-datedness in a building or features of a building.
Now this must be broadly understood: if a home, or some part of it, presents any kind of problem as a result of its construction not meeting modern demands, then this may be said to be Property Obsolescence.
Some examples of Obsolescence
Because of this broad and vague definition, we here give some wildly differing examples of Obsolescence, to explain the term:
- Outside Toilet – although (hopefully) not a matter of life-or-death, an outside toilet is considered an unwarranted inconvenience these days – a mild case of Property Obsolescence.
- Busy Main Road – owning a property beside a main road may, long ago, not been a worry. There was little traffic, and what traffic there was slower. In 2010, however, Britain’s increasingly busy roads are very dangerous for children to play by.
- Electrics, Oil and Gas Systems – possibly the most common type of Obsolescence flagged by Home Buyers Surveys is that systems responsible for heating and cooking appliances do not meet modern requirements. They must be updated and certificated by modern standards.
There are thousands of other examples of Building Obsolescence. It occurs whenever something in a home should, ideally, be brought up-to-date.