Are You Considering The Purchase Of a Tear Down Home in New York?
This is a great way to buy and build in the area you’d like to live in!
Most home buyers would shudder at the thought of buying a home they need to tear down and rebuild again. For a select group of buyers though, it’s an excellent way to move into a desirable or existing neighborhood and get the home of your dreams at the same time. If you’re not afraid of a little work and have a budget to complete a project like this it might be a more viable option than you think!
There are many neighborhoods throughout New York where this practice is becoming more and more common because the areas are fully built-out and new lots won’t be available anytime soon. The next best option is to either buy a home and extensively remodel it for your needs OR you find an older, obsolete home where the land is more valuable and you tear it down and rebuild the home you’d love to have. You’ll end up with a more modern home, with a desirable floor plan, in the area you’d love to live in.
Teardowns Are Very Large Projects
Before you even consider a teardown project on a New York property it’s best to have already formed a relationship with a reliable construction contractor who specializes in these type of extensive construction projects. There will be extensive permitting involved, you might need to apply for re-zoning, the demolition of the existing home can pose a challenge too and let’s not forget the construction of the new home! These are very involved projects that require a very firm grasp on the local by-laws and building codes.
How Do You Find The Right Tear Down Home?
Another reason why it’s important to involve your building contractor early in this decision making process. A contractor with an eye for this type of project will likely save you plenty of headaches (and money) when it comes to making a decision like this.
The best candidates for a tear down and rebuild scenario are going to be the houses that just aren’t quite up to the same standards as the rest of the neighborhood. It will be the house that sticks out like a sore thumb, the ugly duckling of the neighborhood. They may be extremely outdated, not well cared for and very difficult to sell because of the extensive work needed to bring the home into a sellable state.
It’s not a bad idea to look for houses that have structural problems that make them very undesirable for a buyer and very expensive to fix. Let’s consider this scenario for a moment… If you could purchase an older, obsolete home in a very desirable area for $275,000 and the newer, more modern homes in the neighborhood are selling for 2-3 times that figure then you might have found an excellent candidate.
Does The Entire Home Need To Be Torn Down?
That depends on the existing home and the integrity of the structure. It’s not uncommon to completely “gut” the home, leaving nothing but the “bones” if they are structurally sound. The old foundation might be suitable for your new build, maybe you’d like to incorporate part of the existing structure into your new design? This is where you would rely on the professional advice of a competent construction contractor who could advise you on the best route to take and any of the pitfalls and associated costs.
Rebuild or Renovate – Which Should You Do?
This can be a big decision and again, one you’d rely on your construction contractor to help you make. The existing condition and layout of the structure will play a big role in this decision. Older homes and structures can have sever problems that would make a bad financial decision to renovate. Mold and extensive water damage are two issues that can be very expensive to remediate.
The layout of the existing structure can pose a problem too if it’s not very desirable and the location of load bearing walls would make modifications difficult. The bottom line is that if the home cannot be made suitable for your family then your best option is to just rebuild.
Who Specializes in Tear Downs in New York?
Perfecto Construction Corp is a full service general contractor based out of New York. We specialize in working with property buyers who are looking to purchase a tear down home to rebuild. From helping you choose the right property to acquire through the demolition and new construction of your dream home our team will be there every step of the way.
If you’d like to engage our services to help you with your tear-down and rebuild project in the New York area please give us a call today or fill out our contact form and someone will be getting right back to you.