How do I sell my fire-damaged house? Here is the answer:
How to sell a fire-damaged house?
Each year, more than 350,000 properties are damaged because of fire issues. Last year, the destruction brought a loss of $7.9 billion.
Fire can do severe damage to the walls, roof, and woodwork. Even the metal melts at extreme temperature making the underlying structure more vulnerable to atmospheric issues. It is crucial not to enter the house unless an expert declares it “safe for living.” Burned electrical wires and electric malfunctioning can cause death.
You do not know what the fire has done to your house unless you get it inspected by a professional.
Only after the inspection, you can know the details of the accident and the complete scope of repairs required to restore the original condition of the house.
You may think that fire has only damaged the surface. Even if that is true, scrubbing the burnt material will not do any good.
Water damage is also a major concern. The water used to control fire will slowly crawl into floor and walls, making it more difficult and expensive to fix the system. In case of smoke and smell, you will need to apply the ozone spray that can improve the quality of air inside your house.
During this situation, it is not possible to live in the same house. You will have to arrange immediately for a new residence. It is best to contact your insurance company and see how they can help you in this situation.
Read Also: Avoid These Costly Mistakes When Selling Your House
What’s the Current Value of Your House?
Selling a fire damaged house is a challenge. People are not interested in buying a damaged home, and you do not know the market value of such properties.
Invite a professional appraiser or an agent to price your house. If the entire structure is damaged, then the value of land is considered the price of the home. However, if the foundation is safe and only surface repairs are required then get an estimate for repairs. Subtract the cost of repairs, marketing expenses and commissions to get the fair market value of your house.
Knowing the current value of your home will guide you in making better decisions. Remodeling the house is a good option if it is less expensive then selling a home. However, in most cases, it is best to sell the house and get rid of the emotional baggage.
Sell My Fire-Damaged House
The first question is, whether your insurance company will pay for repairing the damage? If you can have an “extended replacement cost coverage” plan, then selling is not the best decision.
The insurance company will pay for rebuilding the property from scratch. Although it will take months to restore the entire structure, it is the best decision because you do not have to pay for repairs or rent.
However, if that is not the case, then it is best to sell the property.
Who Will Buy Your Fire-Damaged House?
Conventional buyers are only interested in beautifully renovated homes. They want latest facilities and a modern layout. You cannot sell your house to a young family. If you are going to do that, you must rehab the entire property which will probably cost you 2x more than the original price.
Finding a new rental place and spending money on repairs is exhausting. You need someone who will buy your house for a fair cash price and quickly if need it. Delaying the sale will only cost you more trouble and money.
CT House Buy LLC can purchase your burned property as-is for a cash price. We are a residential redevelopment firm in Connecticut. If you need help with selling your fire-damaged house, click below: