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Thursday, April 03, 2014

Real Estate Report: Is Your House a Teardown?

By Judy Szablak

Many Westport homes are again headed for the WestportNow Teardown of the Day feature. However, making that determination as an average homeowner is more complex than one might think.

WestportNow.com Image
This 1956-built home at 160 Compo Road North sold for $325,000 on Feb. 4. Remodeling candidate or teardown? (CLICK TO ENLARGE) Contributed photo

There are a few important factors that will distinguish a home from being one to remodel, rather than a dwelling to tear down. It all depends on the “highest and best use” of the property in an investment sense.

A real estate agent can not only help you determine if your home fits the category, and proper pricing, but many of us work alongside a number of developers as well, making the process and transaction that much more simplified and streamlined.

The price of the property is important, but the feasibility of building a new and larger home has to be there as well. Zoning restrictions, conservation concerns, and neighboring home values all play a very important part in the decision.

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