Monday, December 20, 2010

Teardown Properties Represent a Unique Opportunity

People everywhere are trying to find the best real estate deal around. Record foreclosure rates, desperate sellers, dwindling prices have all contributed to one of the greatest buyers markets in history and people are trying to take advantage of it fast. However, there is a positive to thinking outside of the box in this circumstance. The idea is to find a home for a great deal and move in fast and hope that in ten years or so the home is worth three of four times what you bought it for. That is a great plan but you may benefit by going a different direction from the traditional approach. The majority of the homes available on the market were built anywhere from ten to forty years ago or longer. The homes may be in great shape but they are going to need some work done over the next several years. A new roof, paint, flooring, foundation work, landscaping, windows, decks, room additions, termite treatment, plumbing, electrical and so much more can be very expensive to have fixed or done and you don’t want to have that on your to do list.

That’s why the smart thing would be to find teardown properties and build a new home for yourself. Teardowns are a great deal because even though it may be a bit more money than just buying an existing home, you won’t have to put the same kind of money into it over the next decade, so you will not only save money in the long run, you will have a new beautiful home that sells better than any home in the neighborhood. Teardowns are also great deals to consider and can give you great value on any property.

In neighborhoods where open land for development is very scarce, teardown properties are increasingly common. Homeowners are increasingly willing to recognize that their listed property is a teardown, and potential buyers and builders are seeking out these properties in greater numbers. Savvy investors and home buyers are finding Miami teardowns in Florida, Aspen teardowns in Colorado, and Stamford teardowns in Connecticut. These opportunities are popping up across the country for those who recognize their value.

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