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Expert Tips For Selling A House After A Fire
Witnessing a home burn to the ground can be a nerve-wracking experience. Depending on the severity of the fire, it can mean losing precious items that hold irreplaceable memories. A homeowner who has had their house damaged by flames may not be thinking of the next step as they get over the emotional trauma, but the time will come when they have to ask “what next?”
When this dilemma pops up, they need the correct information to make the decision that favors them. In this article, we will answer this question by offering some tips.
What to Do After the Fire?
When a house experiences fire damage, there are two options available to the homeowner. The first is to sell the house as is, and the second is to repair the home and then sell it. There are various factors to consider if you decide to go with either, and we will highlight the things to know and what to watch out for in each case.
Sell Your House As Is
To sell the house “as is” means you are selling the home burnt and depleted. It is the choice that some would willingly choose. Home experts at webuyfiredamagedhouses.com gave some good reasons, some of them mentioned below, as to why selling your house “as is” can turn out to be the best choice in your case.
1. Repair Cost
The cost to repair the damage can quickly run into the thousands or hundreds of thousands. By selling it as is, you can redirect these expenses towards something more useful to you and your family.
2. Emotional Trauma
The experience of having your home burnt down leaves a scar, and moving away as fast as possible might be a mentally required change of environment.
3. Time Constraints
Repairing a home takes time and sometimes may take as long as half a year to complete. After a fire, you’re probably looking to refocus your mental and physical energy towards yourself and your family; building a new home where you can feel safe while tending to any mental or physical traumas from the experience.
4. Starting afresh
Sometimes, moving on and starting afresh may be the way to go.
The reasons are quite compelling and worthy of some consideration. Selling a damaged home may not appeal to you, but if you can pull it off, you’ll avoid subjecting yourself to the stress of trying to repair the damage.
Repair The House Then Sell
If you’re too attached to your house or simply need to repair it, the first thing to do is determine how much damage the fire caused. The fire may have caused damage to your belongings, but there is also the house’s damaged infrastructure that lingers after putting out the fire. Poisonous gas, like soot and smoke, can still be present in the air. Electrical, plumbing or structural issues may also pop up.
To determine the extent of damage, you are to call up your insurance company. They will send an inspector to come and estimate the cost of repairing the structure. Depending on the insurance plan you’ve signed up for, the amount paid back by the insurance company can vary. There are two types, namely a replacement value plan and an adjusted cash value plan. The replacement value plan pays more back to you but also costs more. While the adjusted cashback pays less and, of course, costs less.
You should also ask your insurance company if your insurance plan covers emergency expenses for hotels and restaurants. If your plan covers these expenses, then this can serve as a temporary solution for your housing problem.
Your next step is to contact a professional home restorer. They are people who are experts at assessing damaged homes and carrying out necessary repairs. Another round of inspections to identify hidden problems might be required; checking for any electrical damage in the walls, plumbing, issues that are not prominent in the beginning.
While all these repairs are going on, keep records of the costs. Keeping these records will ensure you have proof of spending for your insurance company, and to your lender, if the house is still on a mortgage.
So with all this said; how much on average does it cost to repair a burnt house? It can cost anything from $2,500 to over $40,000, depending on the severity of the damage.
Which Decision Is Best?
Various factors play a role in your decision, differing from context to context. Factors like available funds, the extent of the damage, and the market for the property will guide your choice. One choice you shouldn’t make though is delaying your decision; this may cause the damaged house to further deteriorate in value. People usually wander into abandoned spaces; not to mention the mold that will infest the property if it is abandoned for a while. In a worst-case scenario, your local government may decide to take things into their own hands, tear down the house, and then bill you for it.
Selling your property isn’t an easy decision to make, but it may be the best choice looking forward. How you sell the house is down to you. While some prefer to repair and then sell, others will rather sell-off and leave the repairs and other renovations to professionals. Should you start looking to sell your house after a tragic fire , keep this article in mind for some practical tips to clarify your options.
