external obsolescence

Definition

Incurable depreciation caused by factors not on subject property, such as environmental, social, or economic factors.

Use this term in a sentence

You should try to make sure that your product does not ever have the chance of reaching any external obsolescence.

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The external obsolescence was really interesting and we had a lot of problems figuring out what we would do next in our company.

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The abandonment and subsequent decay of several neighboring properties was an external obsolescence we had not counted on when we purchased our home ten years ago.

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economic obsolescence observed condition