Looking for Boston Properties with a Teardown House
In densely populated urban areas especially where inventory is low and space is limited some home buyers search for properties not caring about the structure on the property rather they look for the location of the lot of land and plan to tear down the home.
This is becoming increasingly common in dense urban areas like the downtown core of large cities all across the country as people are more interested in the location then purchasing an actual home home. It is important however to know that purchasing a property with the plans to tear down a home because of its location and rebuild your dream house can come with more hoops to jump through then you realize.
It is good to make sure you have done all of your homework about the process for purchasing a Boston home with the plans to tear it down and rebuild a brand new one in its place. Read on to find out some important factors of the process of purchasing a teardown home in Boston.
The financing can be different
If you are hoping to get a loan to purchase a property when your plans are to tear down the home already on the property it can be a bigger challenge than a traditional mortgage loan. If the home on the property still has a mortgage it will not be eligible for teardown. Taking over someone’s mortgage would not be an option for this type of purchase as the security for the loan would be destroyed. If you purchse the home with a mortgage where the teardown was not communicated and you tear down the home and the lender finds out it can spell trouble.
If the previous mortgage on the home is paid off with the sale of the home then it is easier of course but you also need to communicate to your lender that your plans are to tear down the home on the property you’re planning to purchase. To a lender this can look pretty risky and you may need to opt instead for a construction loan.
Another option for purchasing a home on land and a premium location just a tear the house down is to make your purchase with cash. When you buy a home with cash it is solely yours and you have the right to make any adjustments to the property that you wish.
Current local zoning restrictions
Before tearing down any property on a lot of land you want to study the local zoning laws to make sure that the dream home you plan to build in its place will be within permissible zoning standards. If you plan to build anything other than the type of home already existing on the property it could bring more barriers as you will need to petition to re-zone the lot.
Zoning laws restrict the type, size, and location of any structures built on a piece of land within a specified location. Often a home rebuild is restricted to the size of the original home on the property. If you are in a location that would impede the view of other homes around you such as near the water you most likely will also have a height restriction. Rezoning can drastically slow down your project and the ability to move into your dream home.
Don’t forget about permits
Of course you will need to be within your permits for zoning laws and once you have permission from the zoning office (once you have submitted your plans for the teardown and what you will put in its place) there are other permits that will be necessary for the construction.
First of all you will need a permit for the demolition itself and in some locations you may need more than one permit just for the demolition process. It is advised that you apply for a full demolition permit as soon as possible. You also want to make sure that the home is not within a historic district because this can be an even longer process as historic zoning is often more strict.
Before purchasing any home for its location alone with the intent to tear down it down it is a good idea to do as much homework about any red tape you could encounter as possible. For more information on available homes for sale in Boston please contact us any time.