Alexandoy
VIP Contributor
When I was young my grandmother’s property is a big compound with several houses. When she migrated to the US for good, her son sold the property at a lower price. The reason is the old structures that were due for demolition. It was our ancestral home and I agree that the houses were so old. But the property is situation in the main road so I think it deserves a higher price regardless of the condition of the structures therein. In other words the demolition affects the selling price.
When I joined the real world as a bank employee that’s where I learned that a property for demolition is a liability to the buyer because of the cost of demolition. What if I would buy a property and I will not demolish the house? The engineer in the family said that a condemned building can be saved if you will do a major renovation and probably only the foundation will remain. How about the walls and the concrete beams? It would depend on the condition of the material. My point is the cost of demolition can be saved if you will reconstruct the house.
When I joined the real world as a bank employee that’s where I learned that a property for demolition is a liability to the buyer because of the cost of demolition. What if I would buy a property and I will not demolish the house? The engineer in the family said that a condemned building can be saved if you will do a major renovation and probably only the foundation will remain. How about the walls and the concrete beams? It would depend on the condition of the material. My point is the cost of demolition can be saved if you will reconstruct the house.