{"id":2744,"date":"2023-01-27T10:00:00","date_gmt":"2023-01-27T15:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2744"},"modified":"2024-04-25T23:18:10","modified_gmt":"2024-04-26T03:18:10","slug":"its-complicated-a-six-step-plan-to-buying-a-teardown","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/its-complicated-a-six-step-plan-to-buying-a-teardown\/","title":{"rendered":"It\u2019s Complicated: A Six-Step Plan to Buying a Teardown"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"390\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/six-strp-plan-to-buying-a-teardown-1024x390.jpg\" alt=\"\" class=\"wp-image-2745\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/six-strp-plan-to-buying-a-teardown-1024x390.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/six-strp-plan-to-buying-a-teardown-300x114.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/six-strp-plan-to-buying-a-teardown-768x293.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/six-strp-plan-to-buying-a-teardown-1536x586.jpg 1536w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/six-strp-plan-to-buying-a-teardown.jpg 2025w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Given the high price tags on existing homes today, some buyers are taking longer looks at cheaper, outdated homes. For the right buyer, purchasing a teardown can make financial sense. To buy an eyesore and put a new house in its place could be good for the neighborhood, too.<\/p>\n\n\n\n<p>Some buyers might even be thinking of taking down an old building and placing multiple units on the property. These can be very rewarding projects.<\/p>\n\n\n\n<p>But getting to the \u201creward\u201d part is complicated. Here, we offer six steps as a basic planning checklist.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Step 1: Choose a Home to Tear Down<\/h2>\n\n\n\n<p>In certain otherwise desirable areas, outdated homes need buyers who are willing to revitalize them. Such homes are normally low-priced. But property makeovers aren\u2019t cheap. Especially if the buyer is planning to pay for a demolition and new construction as well as the real estate itself.<\/p>\n\n\n\n<p>Could it be better to just keep the old house and do the repair work? Look for red flags in an old home, especially if it\u2019s been left unoccupied for a while. Moisture damage is a big one. Lack of regular heating and air flow can compromise the walls and trim, window frames, doorways, floors, pipes, and appliances.<\/p>\n\n\n\n<p>Demolishing a house might be the best way forward if:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The home suffers from major structural issues or many red flags due to a long vacancy.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The home has a much lower value than nearby homes on similarly sized parcels of land.<\/li>\n<\/ul>\n\n\n\n<p>Also, find out how the city treats this question. Some make the permitting process far easier for remodels than for teardowns.<\/p>\n\n\n\n<p>Finally, what will your makeover be worth on the market? Will it double the value of the land, at least? Then the teardown plan might have potential.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Step 2: Gather Knowledgeable People<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"479\" height=\"506\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/gather-knowledgable-peopl.jpg\" alt=\"\" class=\"wp-image-2746\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/gather-knowledgable-peopl.jpg 479w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/01\/gather-knowledgable-peopl-284x300.jpg 284w\" sizes=\"auto, (max-width: 479px) 100vw, 479px\" \/><\/figure>\n\n\n\n<p>Found a teardown and ready to get busy? Get your people lined up. You\u2019ll want a builder, architect, agent, inspector, and mortgage consultant to guide you through the many aspects of the process. &nbsp;<\/p>\n\n\n\n<p>There\u2019s helpful guidance at your fingertips, too. Consider:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Online resources that focus on teardown homes, like St. Paul\u2019s PDF guide to <a href=\"https:\/\/www.historicsaintpaul.org\/sites\/default\/files\/Teardown-Tools-on-the-Web-NTHP.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">teardown tools<\/a> and <em>TearDowns.com<\/em>.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Real experiences of <a href=\"https:\/\/www.realtor.com\/advice\/buy\/lessons-from-tearing-down-my-house\/\" target=\"_blank\" rel=\"noreferrer noopener\">homeowners who tore down their homes<\/a>. These help readers visualize, prioritize, and avert common pitfalls.<\/li>\n<\/ul>\n\n\n\n<p>A reputable demolition company can confirm that a property is, indeed, a viable teardown. Alternatively, the company might recommend keeping the foundation or key parts of the structure intact. This way, the job can be done even if local regulations limit demolitions.<\/p>\n\n\n\n<p>Buyers will want to seek out several sets of recommendations and cost estimates, and ask probing questions about differences in the quotes.<\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> The <em>pre-demolition inspection<\/em> spots issues that must be dealt with before the teardown begins. The inspector checks for red-tape issues like toxic materials and waste disposal needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Step 3: Check Zoning Ordinances<\/h2>\n\n\n\n<p>Before buying, consult the local zoning department. Be sure you are not looking at a historically important property that can\u2019t be destroyed.<\/p>\n\n\n\n<p>Will your rebuilding project be limited to the size and height of the original house? And will your plans for a replacement house be approved? Some amenities might be OK, some not.<\/p>\n\n\n\n<p>Is the land zoned for a single-unit home only? Or has the area been \u201cupzoned\u201d? Some towns and cities are <a href=\"https:\/\/www.deeds.com\/articles\/the-rise-of-accessory-dwelling-units-adus\/\">\u201cupzoning\u201d residential land<\/a> \u2014 allowing for multi-unit properties and accessory housing units on land previously zoned for single-unit residences.<\/p>\n\n\n\n<p><em>\u261b<\/em><em>&nbsp;<strong>Always check for&nbsp;<\/strong><\/em><a href=\"https:\/\/www.deeds.com\/articles\/deed-restrictions-how-they-impact-homeowners-and-communities\/\"><strong><em>deed restrictions<\/em><\/strong><\/a><strong><em>&nbsp;before planning to build any new structure on a property. These are property-specific, and separate from zoning rules.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Step 4: Know Your Permits<\/h2>\n\n\n\n<p>Good on zoning? Next, consider your local building code. Your contractor can handle this phase of your plans. Know that they\u2019re prepared to obtain all that\u2019s necessary before you make an offer!<\/p>\n\n\n\n<p>Anticipate multiple <a href=\"https:\/\/www.deeds.com\/articles\/diy-renovations-everything-you-wanted-to-know-or-not-about-permits\/\">inspections and permits<\/a>. A general contractor normally seeks:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Prior permit applications by the seller. &nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A demolition permit. &nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Local permits for grading; plumbing; utility hookups; natural preservation.<\/li>\n<\/ul>\n\n\n\n<p>Note that permits do expire after a given time period.<\/p>\n\n\n\n<p>Remember that zoning and permits are not the whole shebang. Today, many subdivisions also have neighborhood associations or HOAs. Associations (often through their architectural review boards) create standards. These control the permissible setbacks, landscaping, and how buildings and their improvements can look. If you come into an association, you enter a contractual agreement, and must follow lawful rules and procedures. The architectural review committee (or the board, if no such committee exists) must agree to your proposal in advance of the work.<\/p>\n\n\n\n<p><em>\u261b <\/em><a href=\"https:\/\/www.deeds.com\/articles\/can-a-homeowner-get-around-a-deed-restriction\/\"><strong><em>What can a builder do if faced with an unreasonable restriction<\/em><\/strong><\/a><strong><em>? Learn more.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Step 5: Finance the Deal<\/h2>\n\n\n\n<p>Buying a property is one thing. But how much does it cost to demolish a house? It\u2019s typically well into the five figures. Urban homes and homes with basements are especially expensive to demolish, even if they are relatively simple structures. Expenditures can include things people don\u2019t expect when they first contemplate a teardown project. They need surveys and soil tests. If any toxins show up, they need to be professionally removed. Then there\u2019s the waste hauling and dumping. And then there\u2019s the utility infrastructure and connections.<\/p>\n\n\n\n<p>Moreover, if the title search of the old property turns up liens, these must be resolved. Watch out for tax liens! Clearing these up can be notoriously difficult. And on the topic of taxes, remember that your property makeover will increase the parcel\u2019s value, meaning your property taxes will rise. It\u2019s a great idea to talk with an accountant before investing in any property with plans to restore its value.<\/p>\n\n\n\n<p>Now, where are the lenders that work with construction financing? Most buyers know about the FHA\u2019s 203(k) loan, although that option is strictly limited in terms of renovation costs it will cover. Some buyers use construction-to-permanent loans that fund the work in installments. These loans have elevated interest rates during the construction phase, but ultimately turn into normal mortgages.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Step 6: Engage in Neighborly Outreach<\/h2>\n\n\n\n<p>If you get the go-ahead from all relevant agencies and offices, you\u2019ll have a set of final plans that lay out the process ahead. Get the locals on board. Your work will improve the parcel. Everyone around it should benefit. Still, they\u2019ll be understandably concerned about noise, heavy machinery, and potential hazards. Teardown and replacement work can take around eight months to complete if all goes to plan.<\/p>\n\n\n\n<p>So, comply with local notice rules. Notify the surrounding property owners of the planned work. To be a proactive and empathetic neighbor, offer your contact information to them in case there are any issues. Show them the plans and the timeline.<\/p>\n\n\n\n<p>Throughout the teardown and construction phases, be sure that nuisances \u2014 waste, noise, dangers to kids or animals, presence of crews outside of regular work hours \u2014 are properly addressed by the contractors.<\/p>\n\n\n\n<p>As the work progresses (or stalls), keep the locals updated. In-person contact builds trust. And that\u2019s a solid foundation on which to build your future.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Jayne Thompson for <em>SFGate.com <\/em>(Hearst Newspapers): <a href=\"https:\/\/homeguides.sfgate.com\/buy-teardown-98088.html\" target=\"_blank\" rel=\"noreferrer noopener\">Home Guides \u2013 How to Buy a Teardown<\/a> (Nov. 24, 2022).\u00a0<\/p>\n\n\n\n<p class=\"has-small-font-size\">Kris Gleba for <em>SFGate.com <\/em>(Hearst Newspapers): Home Guides \u2013 House Remodeling and Notifying Neighbors (undated).<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Bankrate.com<\/em> (Bankrate, LLC, part of Red Ventures): <a href=\"https:\/\/www.bankrate.com\/real-estate\/buy-a-house-to-tear-it-down\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buying a House to Tear It Down<\/a> (Jan. 12, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Andrew Dehan for <em>RocketMortgage.com<\/em>: <a href=\"https:\/\/www.rocketmortgage.com\/learn\/house-demolition\" target=\"_blank\" rel=\"noreferrer noopener\">House Demolition \u2013 Cost And Process<\/a> (Nov. 24, 2022).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/man-in-blue-white-and-black-plaid-dress-shirt-wearing-black-sunglasses-sitting-on-green-chair-12960406\/\" target=\"_blank\" rel=\"noreferrer noopener\">Oleksandr Pidvalnyi <\/a>and <a href=\"https:\/\/www.pexels.com\/photo\/three-people-sitting-beside-table-416405\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pixabay<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Given the high price tags on existing homes today, some buyers are taking longer looks at cheaper, outdated homes. For the right buyer, purchasing a teardown can make financial sense. To buy an eyesore and put a new house in its place could be good for the neighborhood, too. Some buyers might even be thinking [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-2744","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It\u2019s Complicated: A Six-Step Plan to Buying a Teardown - Deeds.com<\/title>\n<meta name=\"description\" content=\"For the right buyer, purchasing a teardown can make financial sense. 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