The process of becoming outdated or no longer being economically feasible (often caused by technology advances). For example, personal computers and computer chips from 1990 are obsolete even though they can be operated. Holding inventory of electronic components will often result in losses because of obsolescence. To Top
in economics, a reduction of the life of capital assets, such as machinery, by improvements in technology or economic changes, rather than through natural wear and tear.
This is a form of depreciation noted by deterioration or antiquated features. Also see Functional Obsolescence and Economic Obsolescence
Functional obsolescence or lack of desirability in terms of layout, style and design as compared with that of a new property serving the same function; economic obsolescence or a loss in value from causes in the neighborhood, but outside the property itself.
Loss of value resulting from outmoded physical features, technical advances or economic influences.
the detriment of property value because of specific social, economic, structural, or other changes that become outdated.
The degradation in the value and usefulness of a resource based on its age, replacement by newer technology, lack of demand or other factor that may require a partial or total writeoff of its currently-stated value.
Loss in value due to reduced desirability and usefulness of a structure because it has become old fashioned and not in keeping with modern needs or because of adverse social or economic influences.
the process of becoming obsolete; falling into disuse or becoming out of date; "a policy of planned obsolescence"
Loss in value due to reduced usefulness resulting from outmoded physical features.
Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs, with consequent loss of income. May be functional or aesthetic.
A loss of value due to an object becoming outmoded or less useful.
an appraisal term used to describe the loss in real estate value because it no longer conforms to present day use or is no longer desirable.
The value of assets diminishes as their capabilities degrade or more desirable alternatives are developed. Functional obsolescence is the presence or absence of a feature which renders the property undesirable. Obsolescence can also occur because the surrounding area changes, making a feature of the property less desirable.
The loss of value or usefulness usually over a period of time, because of wear, changing technology or user preference.... read full article
The loss of value of a fixed asset owing to it being replaced by an improved asset.
Lessening of value due to being out of date (obsolete) as a result of changes in design and use; and element of depreciation.
In the residential property and mortgage arena, this applies to properties or elements of a property that have lost their utilitarian value. For example, coal-fired furnaces are obsolete in modern day real estate, as are outhouses and most appliances more than 30 years old. For more information, see the "Analyzing Appraisal Reports" article in the "Loan Process" section.
Loss in value because a home's design and construction have become obsolete.
Loss of value due to reduced desirability and usefulness of a structure when the design and construction have become obsolete. Depreciation resulting from wear and tear from use and natural deterioration.
After seven years, negative information on your credit report is considered "obsolete" and should automatically fall off your credit report. The exception is Chapter 7 bankruptcy, which remains for 10 years.
the decline of products in a market due to the introduction of better competitor products or rapid technology developments.
In reference to the inadequacy, disuse, outdated, or no functionality of facilities, infrastructure, products, or production technologies due to effects of time, changing market conditions, or decay (a factor considered in depreciation to cover the decline in value of fixed assets due to the invention and adoption of new production technologies, or changing consumer demand).
The loss of value or usefulness resulting from advances in technology and the passage of time.
The loss of value due to factors that are outmoded or less useful. Obsolescence may be functional or economic.
One of the causes of depreciation; an impairment of desirability and usefulness caused by new inventions, current changes in design, improved processes of production, or external factors that make a property less desirable and valuable for a continued use.
The decrease in the value of fixed assets resulting from economic, social, technological or legal changes.
Loss in value due to reduced desirability and usefulness of a structure because its design and construction have become obsolete, because of changes in public preference rendering it not in keeping with modem needs or because of forces in addition to those which cause deterioration, with the consequent loss of income.
The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.
Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs. Back to the Top
The term for an asset's becoming useless due to a change in technology, design, or legal requirements as opposed to uselessness caused by wear and tear.
One cause of depreciation; an impairment of desirability and usefulness caused by new inventions, changes in design, improved processes for production, or other external factors that make a property less desirable and valuable for a continued use; may be either functional or external.
The loss of value due to being no longer useful.
A process that brings about the retirement of plant prior to its physical degeneration by the development of new types of plant which are more economical, efficient, versatile and reliable.
Impairment of desirability and usefulness brought about by changes in the art, design or process or from external influencing circumstances that make a property less desirable and valuable for a continuity or use.
1) The condition of being out of date. A loss of value occasioned by new developments that place the older property at a competitive disadvantage. A factor in depreciation. 2) A decrease in the value of an asset brought about by the development of new and more economical methods, processes, or machinery. 3) The loss of usefulness or worth of a product or facility as a result of the appearance of better or more economical products, methods, or facilities.
Loss in value due to a property, or feature of a property, becoming old-fashioned, less desirable and not in keeping with modern needs. It can also be caused by occurrences outside of the property owner's direct control.
Impairment of desirability and usefulness brought about by changes in public preference or by forces in addition to those which cause deterioration. Functional obsolescence refers to impairment of functional capacity or efficiency. Economic obsolescence refers to impairment of desirability or utility arising from economic forces such as changes in highest and best land use, legislative enactments which restrict or impair property rights, and changes in supply demand relationships.
Lessening of value from out-of-date features (such as property design, construction materials, etc) that no longer are desired by property buyers.
Condition or process of falling into disuse.
As applied to real estate it is the loss of value due to structural, economic, or social changes becoming outmoded.
A type of depreciation of property.
A loss in value of real property caused by changes either internal or external to the property. See economic obsolescence, functional obsolescence, and physical deterioration