What is a teardown home?
A home that is purchased solely for demolition or replacement is referred to as a “teardown” and is often limited to residential properties. Usually the home that is built in place of a teardown is larger than the previous one. Some reasons for developers to purchase a teardown home can include a lack of suitable building lots in the specific area they are interested in building a home. This strategy is common in older suburbs where residents wish to have a large home without having to move out of the suburbs.
This type of redevelopment often brings with it modernization of the area, including new homes being built to modern building codes, energy efficiency standards, and aesthetics. Usually this means that the new homes will differ in architectural style, not fitting the historic character of the neighbourhood. Not all older homes have historical or architectural value, so this practice is fairly common. Especially if an existing house has little to no value relative to the land it sits on, such as in cities like Surrey, BC.
TEAR DOWN HOME LISTINGS COMING SOON – SUBSCRIBE BELOW TO BE NOTIFIED