Teardown
Encyclopedia
A teardown refers to a process in which a real estate
company or individual buys an existing home
and then demolishes and replaces it with a new one. Frequently, the new building is larger than the previous one, in an attempt to increase the appeal of the property to prospective buyers or take advantage of rising property values. The process is especially common in older suburb
s, where people wish to have larger homes, and yet do not want to move to far-out exurbs or new developments. A common result is the gradual degradation of the historic character of the neighborhood. The redevelopment of Brownfield land
also usually involves teardowns, but the term is often limited to residential properties.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
company or individual buys an existing home
Home
A home is a place of residence or refuge. When it refers to a building, it is usually a place in which an individual or a family can rest and store personal property. Most modern-day households contain sanitary facilities and a means of preparing food. Animals have their own homes as well, either...
and then demolishes and replaces it with a new one. Frequently, the new building is larger than the previous one, in an attempt to increase the appeal of the property to prospective buyers or take advantage of rising property values. The process is especially common in older suburb
Suburb
The word suburb mostly refers to a residential area, either existing as part of a city or as a separate residential community within commuting distance of a city . Some suburbs have a degree of administrative autonomy, and most have lower population density than inner city neighborhoods...
s, where people wish to have larger homes, and yet do not want to move to far-out exurbs or new developments. A common result is the gradual degradation of the historic character of the neighborhood. The redevelopment of Brownfield land
Brownfield land
Brownfield sites are abandoned or underused industrial and commercial facilities available for re-use. Expansion or redevelopment of such a facility may be complicated by real or perceived environmental contaminations. Cf. Waste...
also usually involves teardowns, but the term is often limited to residential properties.