0:40
An older house might be worth more standing than torn down. Past zoning rules let it exist where new construction wouldn't be allowed today. The land's value isn't what you could build there now, but what's already permitted to sit there.
An older house might be worth more standing than torn down. Past zoning rules let it exist where new construction wouldn't be allowed today. The land's value isn't what you could build there now, but what's already permitted to sit there.
One of the biggest misconceptions I hear is this: if I don't like the house, I'll just tear it down and build a new one. Sometimes that's possible. Sometimes it isn't. Many older homes were built under a different regulatory environment than what exists today. In some situations, the structure occupies a location that would be difficult or impossible to recreate under the current rules. That changes the valuation discussion because sometimes the value isn't the house. Sometimes the value is where the house already sits.
