Buying property and land in good spot worth it?

[Brenden]

Let's say you are looking at a spot of land, but there is a catch. The land comes with a rundown business/warehouse and other buildings. Would you try to remodel/repair the buildings, or would you rather tear it all down? I would just tear down the buildings and rebuild something else on the land. Or I could demolish everything and then go back and sell the land for even more. 

Would you ever do that? Or would you rather build a new property or business on the land to capitalize on the properties potential? 

[James]

Not enough information to make a determination and local knowledge is also needed to fully understand the highest and best use of the land. 

We have a plot of land like this very close to our home. It has a home that needs to be teared down and the land is zoned commercial. It is on the corner of a busy intersection likely perfect for a gas station but there is already one across the street. 

The land has been on the market for years which leads me to believe the sellers are in no hurry to get rid of it and the buyers can not figure out what would work well on that corner. The full city would likely agree that the structure on the property has to go. 

Now the question is the land worth more without the structure. Maybe... I can not see land owners though looking at a land acquisition that way. The cost of removing what is currently there would be very small in relation to anything that would be built there so its not a huge expense. 

Now maybe if you got the land rezoned or if the land did not have city utilities running to it there may be some land value add components that could make land more valuable. 

Back to the question though if there was an old run down warehouse on the land would I tear it down? That's really going to depend if the warehouse is the best use for that land then its going to depend on the shape of the structure. Depending on how it was built it may be able to be fixed up. There are just so many variables that it is a rough question to answer. 

[Emma]

I think in an ideal scenario, the property you would require would be at a net gain to you meaning you know that area is going to make a big turnaround in the future so you buy it for very little and then profit on the property or house after the market increases in the area.