When it comes to selling a fire-damaged home there are many factors to consider. Not only can this be an emotionally draining process, but a complicated financial one as well. Many homeowners don’t know if they can even sell their home or if they have to repair it first. The truth is a bit complicated when it comes to fire damage. However, you don’t have to feel powerless or alone. Thousands of families go through this process every year. Let’s break it down.
Before you consider selling a fire-damaged home there are a couple of things you need to do. First, grab all documents related to your home, especially those showing ownership and your insurance policies. This can be especially critical if you do decide to sell your home in the future, even if you do have it repaired. Also, document all damage with pictures and video.
Next, you want to contact your insurance provider to see what your policy will cover and file a claim. This will help determine whether or not they will be able to repair your home easily or if it will be a lengthy process.
Something to keep in mind is that fire damage can be extensive, even after the flames have been put out. Ash and soot can be very detrimental to your home and to the health of people living within it. Water damage is also common too. Repairs will oftentimes cover multiple facets. You’ll want to have someone inspect your home after a fire. You can hire a home inspector to do this, but make sure they specialize in fire damage.
Depending on the type of insurance you have, some of your damaged goods may be paid out in restitution and some of your repair costs may be covered as well. However, this is not guaranteed and varies widely between insurance providers, how the fire was started, and how extensive the damage was. Make sure to record all communication between you, your insurance, and inspectors.
Fire damage is unique in its ability to create multiple problems long after the fire has been put out. As you sift through insurance claims and inspections, you’ll have to decide on whether or not to sell your home. There are several reasons why you might be considering selling a fire-damaged home and there are other reasons why you would not. Let’s break them down.
A home is a sentimental place that holds a lot of value to you and your family. Walking away from that can be hard, especially if this home has been in your family for generations. Consider trying to repair the fire damage in your home if it fits these criteria:
Sometimes it can make more sense to cut your losses and sell your home. Why? The main reason is that if the fire damage is extensive enough, it can take a long time to repair and an immense amount of money as well. Consider these factors if you are thinking of selling a fire-damaged home:
What works for one family may not apply to another. Only you can make the best decision on whether you should sell your home. In truth, it can be emotionally and physically taxing to start over. Conversely, it can be a long and arduous process to rebuild a home. More importantly, it can cost you time, energy, and mental fatigue that you could be spending somewhere else. If you do plan on selling your home, you should know that the fire damage will affect the price of your home. But selling sooner and moving on can help direct your money towards finding a new place to live. It’s really about what’s right for you and your family.
If you are looking for someone to buy your fire-damaged home, we’d love to talk. We’re Space City House Buyers and we make the home buying process simple and easy. Contact us today and let us show you how we can help you!