I have a party that will be attempting to teleport to a location, a small village in the mountains. None of them have been to the location, they are "studying" books and maps of the location in preparation to go. The thing is, the village has been abandoned for around 800 years. The maps and stories they are looking at describe the village as it was 1000 years ago. Would you go with "False Destination" or "Description"? My thought is False destination, for example if they say they want to go to the town square, well that place no longer exists. There may be some stone pavers but no square. Or if they wanted to go to a meadow adjacent to the town it is now over run by the forest, again no meadow.

If they emphasize the map element and the geographic location, I'd give them description. If they emphasize the culture and built environment, that's closer to false destination.  But I'd frankly lean toward description no matter what, because if the teleport fails as per false destination, then they might not believe it and might keep trying, versus if they make it and discover for themselves that the village isn't what they thought it is. In fact, you might consider (if you haven't already) if there are any opportunities for them to find out before they teleport that the village isn't really there any more.

Since the village existed at some point, it's an actual location that you can teleport to so I'd count it as a Description.  I generally reserve "location does not exist" for when the players are completely wrong: if, for example, the map was a forgery and there'd never been a village there.

Yeah, sounds like "Description", because it's still the same village regardless of it's condition or state of decay. 

On the other hand - maybe just maybe there could be some very very remote chance that they Teleport to that village as they have learned about it! Maybe they actually Teleport back in time 1000 years to the town square at the center of the village - as they know it! As they learned about it in those history books from long ago! 

Just a thought.

Time travel is a bit overkill when it comes to spell failure results.  Especially when it functionally ends the campaign due to negating everything the players were doing.

As the DM, you partly need to ask yourself "do I want the party to get badly off track?". If they're rolling on False Destination, then they're not going to do better than a "similar area", which means you need to have that area ready and some idea of how the plot will move forward from there.

They could always find the wrong teleport coordinates.

A LOT of past lost forgotten cities have their names copied into newer cities close by.
For example the English city of York and the American city of New York. The old city could have been abandoned and forgotten and the new city could have long ago dropped the 'New' part and is just known as York now.

Its your story and you can do anything you need to keep the story going. Logically.

A lot of wizards like to copy down every single teleport coordinate they can find just waiting for the day they finally get the spell. Someone might just have the real one and they might be willing to trade for it.

The wizard of the party is a chono wizard, if he casts the spell I may just use this

Granted, a massive time-travel incident could potentially throw some serious wrenches into a campaign. So while it could be a fun and even overwhelming outcome at first, make sure to leave enough clues for the characters to find their way back. 

For example, if you wanted to make this a minor story arc, you could move the characters forward 100 years each time they complete a long rest. This would allow them to see the vast scope of changes in the landscape that most people don't live long enough to see or appreciate. And it would give them enough time to have some adventures in the past while still eventually returning to their own time. The only danger to this is that the players' actions in the past might have had a profound impact on their present. But... since they travelled back beyond their births, any changes they made would already have been accounted for in the timeline. So really, they would be the ones who determined their own present state of affairs. Yeah, temporal paradoxes can be tricky. 

Another option is to allow them to just peek around for a bit and then Teleport back. Of course, since Teleport is a 7th level spell, the wizard would have to complete a long rest first. Or the wizard could try casting Teleportation Circle (a 5th level spell), if they have it prepared. Teleportation Circle would allow the wizard to teleport the party to any location on the same plane, BUT... since they are 1000 years in the past, they could only teleport to a circle that existed at that time. But when they teleport to that circle, they arrive back here in their present, at that location. 

I think it would be a fun way to introduce a little unpredictableness to keep the players on their toes. As long as you have some plan in place to allow them to get back within a reasonable time frame.