In real estate, a "knockdown" typically refers to a property that is in such a poor state of repair that it would be more cost-effective to demolish it and rebuild a new structure.
These properties often have:
Severe structural damage: This could include foundation issues, rot, or significant water damage.
Outdated or inadequate features: The property may have outdated plumbing, electrical systems, or floor plans that are not suitable for modern living.
Environmental hazards: The property may be contaminated with hazardous materials, such as asbestos or lead paint.
Buying a knockdown property can be a risky investment, as it often requires significant renovations or demolition before it can be occupied. However, it can also be a way to acquire property in a desirable location at a lower price than a move-in-ready home.
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