This is a commonly asked question from Sellers of North Shore properties. If you suspect it is – the answer is probably “yes”. Today it seems, most houses that require significant renovations are sold at “lot value” meaning they are sold for the value of the land and will be demolished for new construction. Renovations are expensive, they can cost between $250 – $500 a square foot. If significant renovations are required, re-building is often a better strategy.
The good news for Sellers of tear down properties is that very little preparation is required prior to listing. No need to paint, power wash, clean windows etc. There won’t be a property inspection and Sellers can often leave personal belongings they no longer need or want behind. Consider the following questions to determine if your house might be a tear down:
Have any of the following been replaced or upgraded in the past 25 years: Windows, Flooring, Kitchens, Bathrooms, Roof, Appliances, Electrical, Plumbing, Paint, Landscaping? If the answer is “no” to most of these questions your home may be a tear down. In addition, do you have a flat lot with lane access and/or view? If the answer is “yes” to most of these questions your house is likely a tear down.