Functional obsolescence in Massachusetts Real Estate can be defined as several different things, but it most often pertains to a property that does not comply with recognized utility. In other words, some features are not practical or desirable. The property’s obsolete design significantly reduces its market appeal.
There are numerous examples of functional obsolescence, but one that hit close to home was a property I sold several years ago with more than a few flaws. This particular property was extensive—4000 plus square feet.
The home, however did not have a formal dining or living room. Many of the newer homes today are built without one of these formal spaces, but rarely are both missing. Strike #1
Furthermore, this house featured an enormous two-story great room that took up much of the home. The result was that all the bedrooms were tiny for a home of this caliber. Strike #2
In what I would consider one of the strangest design flaws, the laundry room was in one of the kid’s bedrooms! Can you imagine waking up little Johny to do another load of laundry? Hearing that tumbling noise and the buzzer going off would get old quickly 🙂 Strike #3.
Lastly, the home and lot design were such that the front door was 15 feet off the ground level. To enter the house, you had to go through a basement door or climb a large flight of stairs. Never mind that you had to look at an ugly deck and stairs in front of your home. Strike #4.
What Does Functionally Obsolete Mean in Massachusetts Real Estate?
Functional Obsolescence Can Severely Impact Home Values
It is rare to see a home with this degree of functional obsolescence. You would probably not be surprised to hear that this home was foreclosed.
I ended up selling the home for the bank that foreclosed on the builder. Ironically, he had asked me to list the property before it was even built, and I turned him down. I pleaded with this man not to construct the home, telling him he would lose his…