Functional Utility
How well a property's design and layout serve current market expectations — bedroom/bath ratios, flow, ceiling heights, storage. Poor functional utility is the root of functional obsolescence.
Related Terms
Functional Obsolescence
A loss in property value caused by deficiencies or superadequacies within the property itself, such as an outdated floor plan, insufficient electrical capacity, or an over-improvement relative to the neighborhood..
Over-Improvement (Superadequacy)
An improvement that exceeds what the neighborhood supports — the $400,000 kitchen in a $350,000 market.
Gross Living Area (GLA)
GLAThe total finished, above-grade living area of a residential property, measured in square feet.
More in Property Characteristics
View allGross Building Area (GBA)
GBAThe total area of a building measured from the exterior walls, including all finished and unfinished, above-grade and below-grade spaces.
Below-Grade Area
Any portion of a building that is below the ground level on any side.
ANSI Z765 Measurement Standards
ANSIThe American National Standards Institute standard for measuring residential floor area.
Effective Age
The age of a property as indicated by its condition, maintenance, and updates, which may differ from its actual (chronological) age.