Buying and selling a teardown property may come with an endless list of questions or misconceptions. While teardowns are not terrible difficult to understand, the name itself can be misleading and leave those who are new to the concept wondering if they are making the right choice or worried that buying or selling will result in a lot more work than they are prepared to invest. Although some areas of the teardown process, such as hiring a contractor or obtaining appropriate licensing, certainly may be time-consuming, learning the “ins and outs” of teardowns offers endless opportunities. If you are interested investing in or selling a tear down property, then consider these possibilities before making any final decisions.
- Keep part of the home and tear down the rest. While the term “teardown” conjures up images of huge bulldozers and loud construction, it doesn’t always have to be this way. In fact, most people are surprised to hear that teardown properties can remain partially erect and do not have to be torn down at all. Homes that are typically considered to remain partially erect could have a desired feature that the builder or owner feels should remain intact, be the only area of the house that is salvageable, or may even offer some sort of historical value to the home. Whatever reason you may have for wanting to leave this area of the home intact, communicating this clearly to your construction company and architect is crucial to ensure a successful teardown with no mistakes.
- Build a completely customized home in its place. The obvious benefit to teardowns is that the new home in its place offers the potential to be completely customized to the liking of you and your family. While an architect may shoot down a few of your ideas due to practicality or some other reason, the general idea of building a home to fit your precise needs is not something that everyone can achieve. While building a completely customized home may seem overwhelming and your architect will be able to hold your hand throughout the process, there are online resources available to help you with the process of designing your own home. Mascord created a list of things to keep in mind when designing your own home.
Remodel the home instead of tearing it down. As mentioned earlier, completely tearing down a property that was sold as a teardown is not required. Just as partial teardowns are possible for teardown properties, completely gutting the property but leaving the general structure of the home intact may be an option if you are happy with the general layout. According to Teardowns.com’s handbook : A Simple Guide to Teardowns, a property should be salvaged and remodeled if it is of historic or sentimental value. While tearing down a property from scratch and constructing a new one may actually be cheaper than remodeling, it is really a matter of preference. If you are considering renovation over teardowns, then speak with your architect or construction company before making any decisions.