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Functional obsolescence happens when a feature of a property is no longer useful or desirable because people's needs or preferences have changed.
For example, an old house with only one bathroom in a neighborhood filled with new homes that have at least three bathrooms may be considered functionally obsolete. This is because the one bathroom does not meet the current demand of the market for more bathrooms in a home.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
When something's functionally obsolete,
It's like an old phone that's not so neat.
Or an old house with just one bath,
In a neighborhood where three is the path.
It used to be popular, that's for sure,
But now it's not what the buyers are looking for.
Just like an old toy that no one wants to play,
Or a dusty book that's been left in the fray.
So when something is functionally obsolete,
It's time to upgrade, to make it complete.
Just like a phone with a camera or a touchscreen,
Or a new house with bathrooms that are so pristine.
It's time to adapt, to change with the times,
To make it useful again, oh what a climb!
So don't be left behind, take action with glee,
And make sure your property meets the market's needs.