One thing potential homebuyers sometimes forget about, is that while a properties’ location cannot be changed, the building often can. If you find a location that is perfect for you, but the property is old, needs extensive repairs, or is smaller than you want, it might be worth it to tear the place down and build a new one.

The number one thing which makes a teardown worth it is when the value of the house is mostly in the land. If the house itself still retains substantial value, you will likely come off financially behind if you choose to tear it down and build again. While some people have enough money that this is not a concern, most individuals looking to buy a house are looking to make an investment.

If you think you have found a property you would like to buy, demolish, and rebuild, start by talking to your real estate agent or a reputable housing contractor. This will help you get a rough idea of the expenses you will face when buying the property, and the time which will be needed to replace it. If you are looking to construct a new property before moving in, you will need to ensure that you have a place to stay before the house is finished. Additionally, you will need to account for things like local permits, building laws, and noise regulation which might impede your progress. A reputable housing contractor will be your best bet for all of this information. If you have a realtor you trust, they will likely be able to recommend several experts in your community.

It would sound like you need to be extremely wealthy to consider this option. After all, you will have to buy the existing property, finance the demolition, and finance the cost of the new property. However, many lenders will offer options for potential buyers looking to buy these worn-down properties. You will need to do your research, but there will almost certainly be options available to potential buyers with decent credit.

So, if you are shopping for a house, don’t forget that tearing down and rebuilding is an option. If you have found a perfect location but are struggling to find a property which fits your needs, look for a great piece of land with an old or run-down house, and do a little bit of research. You might end up with the best of both worlds: a house designed perfectly for you, on a location you select.