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External Obsolescence is when something outside a property causes its value to go down. It's not because of the property itself, but rather something happening nearby that makes it less appealing or valuable to potential buyers.
magine a beautiful home in a quiet neighborhood. Everything seems perfect until a noisy factory is built just down the street. The noise and pollution from the factory cause the home's value to decrease. This loss in value is an example of external obsolescence because it's not the house's fault; it's due to something outside the property.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the world of real estate, there's a term that's quite clear,
It's External Obsolescence, my friend, have no fear.
It's when something nearby makes a home's value decrease,
Not the home's fault, but the surroundings that cease to please.
A lovely home in a quiet place, so snug and serene,
But then comes a factory, noisy and not very clean.
The home's value drops, for the cause is external, you see,
It's External Obsolescence, quite a sad tale, indeed.