'Economic'and 'functional'obsolescence their characteristics and impacts on valuation practice
Language: English Series: Property Management ; 26(3) 2008, 191-206(16)Publication details: 2008Subject(s): Summary: Considers the term 'depreciation' in the context of property values, critically reviews the term 'obsolescence' and then highlights the practical problems involved in pricing obsolescence using inflexible methodologies when criteria is still developing. Critically reviews the existing literature and advice from international professional bodies, including RICS (See L136416). Concludes that despite the need to be explicit in valuations, current methods do not help valuers provide the necessary detail. Recommends that existing guidance and advice from professional bodies, including RICS, needs to be revised.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | L145241 (Browse shelf(Opens below)) | 1 | Available | 145241-1001 |
Considers the term 'depreciation' in the context of property values, critically reviews the term 'obsolescence' and then highlights the practical problems involved in pricing obsolescence using inflexible methodologies when criteria is still developing. Critically reviews the existing literature and advice from international professional bodies, including RICS (See L136416). Concludes that despite the need to be explicit in valuations, current methods do not help valuers provide the necessary detail. Recommends that existing guidance and advice from professional bodies, including RICS, needs to be revised.