Also in the US, the house might be valuable because it might be illegal to build a new house of similar size on the land. My last house was 2.1x larger in squa

Also in the US, the house might be valuable because it might be illegal to build a new house of similar size on the land. My last house was 2.1x larger in square-footage than allowed under current zoning laws. If it was damaged due to natural disaster, you could rebuild with the same floor-plan, but if you willingly tore it down, you had to build a smaller house.