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What is Functional Obsolescence?

by LiveModern Webmaster last modified May 25, 2018 01:08 AM
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by Kelly Weimert last modified May 24, 2018

Buying a home is no small task. There are huge decisions to make: Are you looking for a turn-key or a fixer-upper? Is the longer commute worth the savings? There are also endless numbers to crunch: How does a fixed-rate mortgage compare to an adjustable rate? How much are you actually going to pay on this $200,000 home? And when figuring all of this out, it's more than likely you'll come across some brand new jargon to decipher. One of the more common terms you might face during your search is what's called "functional obsolescence." For example, your realtor might refer to a less-than-perfect home at a great price as "functionally obsolescent." You know what functional means, and you know what obsolescent means, but what does it mean for you, the home buyer and potential future seller? Here, everything you need to know, including if buying a functionally obsolescent home makes sense for you. READ MORE »






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