When it comes to assessing property worth, renovations and construction work plays an important role in determining resale value. These can pretty much make or break a deal, either attracting dozens of buyers or warding off interested individuals. While there are certain types of renovations that don’t particularly add to the resale value of your property, modifications such as demolitions fall under the former category.
Demolition tends to increase a property’s value, granted that it’s done under the right circumstances. That said, there are a few factors that contribute to the relationship between demolition and property value.
Here are a few things to consider when you’re debating whether or not you should demolish your structure.
Is The Structure In a Good Shape?
Whether it’s an old library dating back to the Second World War era or your ancestral home, if the structure holds historical significance and can be redeemed, demolishing isn’t the best option. In fact, your property will have more value if you choose to preserve it in its natural form.
If, however, the structure is dilapidated, then demolition is the way to go. It’ll significantly increase the property value of your building.
Is It Zoned For Commercial Use?
Buildings and structures such as offices, restaurants, retail stores, warehouses, and complexes are zoned as commercial. If your property falls in this category, then demolishing our structure isn’t likely to affect its resale value in any significant way. On the other hand, if it is intended for residential use, then demolishing it will boost your property’s value and make it more appealing for investors.
Is The Structure A Liability?
Is your building physically sound and stable? If it doesn’t pose serious health hazards or immediate threats to potential inhabitants, then you can reconsider demolition. However, if your residential or commercial structure is a liability, then go ahead with the process. Doing so will add to its resale value.
Can It Be Used For Other Purposes?
Buildings and structures that seem to be falling apart may have another use, after all. If the building can be used by your local fire department as a training center, then perhaps holding off from demolishing it is for the best. If, however, you’re unable to find a body or organization that may utilize the debilitated property in their training exercises, then the building has no further purpose. Go ahead with the demolition!
Need a professional demolition service to take down your building and help boost its resale value? Reach out to our team in Edmonton today! The Junk Guys also provide commercial and residential junk removal services in the area.
Call us at (780) 695-4226 to know more about our services.