Your for-sale property might be more valuable if, instead of selling it, you tore it down to free up that land for another home. Today I’ll explain.
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If you’re thinking of selling your home, today’s message is for you: You might get more value from having the home torn down to free up that land to build another home.
We find this happening increasingly often in resort areas as well as with homes that are old, deteriorated, or aren’t up to the power of the neighborhood they reside in.
Find out how much the land is worth based on what lots are selling for in today’s market.
To profit from this process instead of the traditional selling process, there are several factors to keep in mind:
1. Does your property conform to zoning laws that give you the ability to convert it into one or more building lots? If not, you may have to appeal to the Board of Appeals, whereafter you’ll have to hire a survey attorney and go through the appropriate channels in order to determine how many lots your property can actually be converted to before you consider this alternative.
2. Consult with a real estate professional to determine the property’s worth with a house versus the property’s worth if the house were torn down. Find out how much the land is worth based on what lots are selling for in today’s market.
3. Allow enough time for the process to play itself out. If you do get a building permit, you’ll need to have time to make the arrangements. In some cases, you might have to get the approval of the Historic Commission or another channel; you’ll also have to get building permits furnished to a buyer before they're likely to pay a substantial price for the property.
If you have any questions, thoughts, or concerns regarding your situation, feel free to reach out to us. We’d be glad to hear from you.
1. Does your property conform to zoning laws that give you the ability to convert it into one or more building lots? If not, you may have to appeal to the Board of Appeals, whereafter you’ll have to hire a survey attorney and go through the appropriate channels in order to determine how many lots your property can actually be converted to before you consider this alternative.
2. Consult with a real estate professional to determine the property’s worth with a house versus the property’s worth if the house were torn down. Find out how much the land is worth based on what lots are selling for in today’s market.
3. Allow enough time for the process to play itself out. If you do get a building permit, you’ll need to have time to make the arrangements. In some cases, you might have to get the approval of the Historic Commission or another channel; you’ll also have to get building permits furnished to a buyer before they're likely to pay a substantial price for the property.
If you have any questions, thoughts, or concerns regarding your situation, feel free to reach out to us. We’d be glad to hear from you.
