can you buy an existing home and tear it down to rebuild?

Asked by jkallisch, Corona, CA Thu Feb 6, 2014

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Susan Agli, Agent, Bend, OR
Thu Feb 6, 2014
Tip: Since you will have to check with the local governing board it's best to find a neighborhood you like and then call a real estate broker and ask about the neighborhood. Better than falling in love with a specific lot only to be disappointed. Call a local expert to help you sort through the neighborhoods. If you like historical neighborhoods ask the agent to send you a copy of the rules and regulations.

Hope this helps and saves you some time too!
1 vote
Peggy Hoag, Agent, Portland, OR
Sun Feb 9, 2014
It depends on what you are planning on building just make sure you have everything permitted and follow zoning regulations.
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Thu Feb 6, 2014
Also, if you have a mortgage on the home you are not permitted to tear it down either! So you'd have to acquire the home for cash
0 votes
The Stephen…, Agent, Portland, OR
Thu Feb 6, 2014
As they mentioned below, as long as you get all the proper permits. It can be a great idea, and it is done by construction and investment companies all over town.
0 votes
Bill Eubanks, Agent, Oregon City, OR
Thu Feb 6, 2014
Yes you can with a demolition permit. Just be aware that depending on the jurisdiction, you may be required to have environmental evaluations completed for asbestos, buried oil tanks, lead, and other types of contaminants. Sometimes a tear down needs a better inspection than a move-in-condition home.
0 votes
Jennifer Pet…, Agent, Portland, OR
Thu Feb 6, 2014
Yes, you typically can unless zoning has changed, however, you will want to make sure the price of the property reflects lower than market value to offset costs to tear down and haul away the existing home.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Thu Feb 6, 2014
You should check with Planning and Zoning in your County; and a quick consultation with a real estate attorney won't hurt.
0 votes
Bill Eckler, Agent, Venice, FL
Thu Feb 6, 2014
Absolutely....but it's important to remember that the tear down costs can inflate the total expense of the project quickly. It's sometimes best to consider a vacant lot new construction and invest the amount saved in the construction of the new home. Just keeping it real! Bill
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more