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Choose the correct option that defines Obsolescence. a. The value at the end of the utility period of the structure without being dismantled. b. The value of dismantled materials. c. The value which can be obtained at any particular time from the open market if put for sale. d. The decrease in value of property when it goes out of date in style or design.

Choose the correct option that defines Obsolescence. a. The value at the end of the utility period of the structure without being dismantled. b. The value of dismantled materials. c. The value which can be obtained at any particular time from the open market if put for sale. d. The decrease in value of property when it goes out of date in style or design. Correct Answer d

Concepts:

Depreciation is the gradual loss in the value of the property due to its wear and tear with the passage of time.   

∴ Present value of a property = Initial cost – Total amount of depreciation

On the other hand, Obsolescence is the loss in the value of the property due to changes in fashions, in designs, in structures, etc. The obsolescence is due to the changes in fashions, changes in planning ideas, new inventions, improvements in design techniques, etc.

For example, an old dated building with massive walls with arrangements of rooms not suited in present days and becomes obsolete even if it is maintained in a very good condition. Thus, though the Property is physically sound, it may become functionally inadequate and lose its value. 

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