Exit Stage Left! Part 3 of 3 - External & Other Factors

·         Functional Obsolescence – Having 5 bedrooms and 1 bath is an example. So is having a "tandem" bedroom – where one has to walk through one bedroom to get to another bedroom. Having a fuse box as your main electrical panel. No dishwasher. A two bedroom home in a neighborhood of four bedroom homes... and the list goes on. This affects the value of your home and the price needs to accommodate deficiencies.

·         External Obsolescence – Having a commercial high-rise apartment building directly behind a single-family home, a strip center next door, the Ohio Turnpike in your backyard, a gas station nearby where the fumes drift into the neighborhood, any kind of mixed-use zoning visible from the property, zoning changes, nuisances such as having a petting zoo behind your home (yes, I know of one), all affect buyers' perceptions and, as a result, the value of your home.