Generally the deal killers are stuff that makes it impossible to live in the home - anything that would fail a "hard inspection" because it is so far removed from current building code is NOT something that you should ignore. If the home you are considering has NO MAJOR NEGATIVES (obvious stuff would be CONDITION, room number & size, energy features, overall quality) properties that a few years ago would have been prime targets for builders to tear down and infill with new construction NOW might make more sense to purchase, improve slightly and sit tight.Īn experienced home inspector can give you details on the mechanical stuff, and some of the structure, but you need to get multiple opinions on the LOCATION and the other features of on older home, as some things really are too expensive to renovate/repair/expand. Construction costs have NOT fallen off nearly as much as selling prices of existing homes. So, it sort of depends on what your goal is and what the neighborhood is, what the answer to that question is. I've also watched, over time, entire neighborhoods that might have justifiably been considered teardowns by some renovated, hosue by house and street by street, into beautiful (and highly desirable, if what people are willing to pay to live there is anything to go by) neighborhoods that look like they did originally, only with established trees and neighborhood feel. Saw a few of them, yesterday, in fact, driving around Austin, new, modern homes stuck in the middle of lovely, 1940's neighborhoods, nd every time, my husband's reaction (and mine) was, "How ugly! How out of place! What were they thinking?" and then "Out of state investors who don't give a darn about the neighborhood." Saw some updated period homes and thought, "How lovely. I've seen way too many houses built new in older neighborhoods that look WAY out of place, alongside original homes that haven't been updated or the same original homes that have been updated while still retaining their charm and the feel of the neighborhood. I'd say that if a house is structurally sound but just needs updating (and perhaps, as you say, a new roof, which all houses need periodically), then barring a lot of other brand new houses in the neighborhood, it's not a teardown.
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