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Hoots : What to do with an old building to get money My father owns a home, inherited from his parents--my grandparents. It's a very old building. He can't rebuild it because it is in town and in a difficult place. He replaced the - freshhoot.com

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What to do with an old building to get money
My father owns a home, inherited from his parents--my grandparents. It's a very old building. He can't rebuild it because it is in town and in a difficult place.

He replaced the roof because it was destroyed. We paid enough money for this. The building is unoccupied. We visit to check for problems it may have.

We want to sell it but no one will take it because is old. How can an old building be used to get money from it? We don't want to rent it to someone who will pay month after month, we want to sell it, or find some other way to use it to get money.


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There are a few ways to get money from property, but I'm not sure any would work for you:

1) Firstly you could sell it. Selling the building might require enough repairs that the building is habitable; if the repair costs are too high, you might not be able to recover costs from selling. For a particularly old and unkempt building, this is more likely to be the case. In extreme scenarios, you may earn more net profit by demolishing a decrepit building, and simply selling the land.

Make sure you aren't setting your price too high if you are desperate to sell; dropping your price might make the headache of upkeep go away, and might be better for you financially in the long run.

2) You could rent it - but if it is so uninhabitable you can't sell it, then this is unlikely without repairs (and it seems you don't want to do this anyway).

3) If your building is in an area where the zoning laws are not strict, you may be able to apply for a permit to have it zoned for commercial use - and either run a business out of it, or rent it to someone else to do so. Again, this would be dependent on repairs if the building is uninhabitable, and also would require the building to well-situated for a business.

4) You could take out a mortgage on the building. Of course, this has two big caveats: (a) the bank would need to assess the building for value [and it seems not to be worth much in your case]; and (b) this provides only temporary cash, which you would need to pay back to the bank over time. In some cases, if you had a solid plan, you might be able to take a mortgage out against the value of the land, and use the cash from the mortgage to do some repairs, so that it would be in good shape for selling.


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