Which type of obsolescence is typically considered incurable?

Economic obsolescence is considered incurable because it arises from external factors that affect the value of a property but are beyond the control of the property owner. This can include changes in the neighborhood, economic downturns, or new regulations that negatively impact market desirability or property functionality. Unlike functional obsolescence, which may be addressed through renovations or updates that improve the property, economic obsolescence cannot be fixed by alterations to the property itself.

By understanding that economic obsolescence is connected to external circumstances, it becomes clear why it is viewed as incurable; the property owner generally has no capacity to reverse or mitigate the external influences leading to the loss of value. In contrast, physical deterioration and functional obsolescence can often be corrected or mitigated through repairs and upgrades, making them more curable in nature. Tax-related obsolescence, while it may affect value, is often not categorized as a standard form of obsolescence compared to the other types and may not have the same implications for long-term property worth.