Home Buying in 07092>Question Details

Sean, Home Buyer in Mountainside, NJ

House rebuilt due to fire after 40 years. The house is priced using the latest construction date.

Asked by Sean, Mountainside, NJ Fri Sep 16, 2011

This house was initially built around 1940's and apparently there was fire and they rebuilt it in 1980's. The listing showed 1980's date and I had to go through multiple sites to figure out that the original construction date was 1940's. When I asked about the discrepancy they told me about the fire. (1) Should the asking price be lower because the original construction date was 1940's? (2) Will I have issues reselling this property due to fire and rebuilding?

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6
Sean,

If the house was totally rebuilt in 1980's, even if the foundation is original, the build date is 1980's not 1940's (tho many agents will put some reference about that in the listing, tho it's not necessary). The house should be priced according to what is it, where it is, how many bedrooms/baths etc,.

If you bought a resale that was built in 1940, then gutted the place and replaced electrical, plumbing, kitchens, baths, floors etc,.... when you went to sell it would you expect to get less because it's original build date was 1940???
0 votes Thank Flag Link Mon Sep 19, 2011
My guess is that a new Certificate of Occupancy was issued after the rebuild, so the county tax records indicate the newer construction date.
0 votes Thank Flag Link Fri Sep 16, 2011
Hi Sean,

A house that was built in 1940 does not necessarily mean that the house is worth less than a house built in the 1990's or early 2000. You have to take the effective date of the house. There are houses built in the 1990's but the inside could look and feel like they were built in the 50's.

The improvements and upgrades done to the house should be taken into consideration and these factors may add up to the value as adjustments in determining the current market value of the house.

Best.

Maria
0 votes Thank Flag Link Fri Sep 16, 2011
I have sold a couple of homes that were rebuilt because of damage.Although there could be other circumstances, the house was probably rebuilt using insurance money . If that was the case, all the work would have had to be done using proper permits and everything would be up to code. fair market value and resale value should not be affected. Good luck on your transaction.
0 votes Thank Flag Link Fri Sep 16, 2011
Hi Sean,

If they completely rebuilt the house in 1980, then that is the construction date and the original 1940 would be irrelevant (if the house was completely burned down by the fire - it doesn't exist any longer).

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Fri Sep 16, 2011
IMHO, why would the price be lower because original house that was destroyed was built in 1940? If the home was completely rebuilt (which you don't say) in 1980's, that is the construction date. Am I missing something?
0 votes Thank Flag Link Fri Sep 16, 2011
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