How to Find Real Estate for Your Teardown
The real estate market can seem like a fickle thing. Sometimes prices are fair, sometimes they are high, and other times they plummet. For buyers seeking new builds or a move-in ready home, the asking price could be more than they planned to spend. Purchasing a property or a home requires extensive thought and discussion between those putting up the money.
Finding a property can be easy or can it can be an exhaustive process.
Sometimes the solution can be a teardown. And for those buyers looking to renovate or completely demolish a pre-existing structure, the options are endless. As with any large purchase, research is the first step in finding the perfect piece of land for a project. By planning ahead, buyers can save themselves a great deal of money and will eliminate any surprises later on. It will also make finding a suitable property a great deal quicker and easier.
Housing websites
With the wonderful technology at our fingertips, it’s no stretch that many buyers will do extensive research online about the areas, existing housing, and the real estate market they might be entering. Web sites such as Zillow, Trulia, Realtor.com, and HomeFinder are great places to start the search for a property. What’s great about these websites is that they will separate the listings based on ones currently up for sale and ones that are potential listings. Additionally, a buyer can adjust the price they would like to remain under, input how many bedrooms a listing should have, and even request an ideal number of bathrooms and square footage. Basically, a buyer can search their target area for exactly what they want.
For the buyer that wants to demolish the home and utilize the land, these websites are still a useful tool. Narrowing down certain areas, school districts, or even reducing a work commute is something that can be accomplished through the use of these websites and a little research. While the adjustable options may not help in the search, finding the right location can still be done through the use of realtor websites.
Real estate agents
If the buyer wants a more personal approach, they should consider pairing up with a real estate agent who could find them potential properties in their desired location. A real estate agent can provide buyers with lists of properties that have potential. Since the buyer is interested in completely demolishing any preexisting structure, the draw really becomes about the property itself.
Consider using a real estate agent who works directly with the banks. A good one should know how to handle the paperwork on a troubled deal and may have access to properties not yet listed publicly for sale. Additionally, be sure to check out foreclosure auctions and estate sales, too, as that could be an alternative option for getting a piece of property for a lower price.
Location
For someone who is looking to demolish an existing structure to make room for a new build, a prime location is a really important aspect. Don’t just pick a plot of land because it’s cheap. A big pitfall many buyers make is buying in the wrong area. Houses on or off busy main roads and those in areas with poor transport links, for example, are always going to sell for a discount.
Check the surrounding areas for markets, schools, malls, and shopping centers. Is the property close to all the things that a buyer will need? It’s something to think about when touring properties. An up-and-coming area that already has started a slow turnaround is a great place for buyers to get in low and grow the housing market in the area. As the area becomes more popular, it could mean soaring real estate prices, enabling the homeowner to make a nice profit when they go to sell in the future.
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