From 2013 to 2017, 27 percent of reported fires occurred in homes. This translates to about 354,000 homes per year during this period. Although fire-detection technologies have advanced, home fires are still common.
As a homeowner, you know that fire is a constant risk. You do everything to prevent it, but you can’t completely eliminate the risk.
What if the worst has happened and your home has been razed down by fire? You can also sell the property!
But how do you go about selling a fire-damaged house? Read our guide to learn more.
Restore the Property
If you have an active homeowner’s insurance policy, the insurance company will compensate you for your losses. You should at least get enough money to repair the property and restore it to its original state.
But why can’t you just pocket the insurance compensation and sell the property as-is?”
Well, the choice is yours to make, but if you want to make top dollar off the sale, it’s best to restore the property. Especially if the damage wasn’t extensive, making repairs won’t be a big task. Even in more serious cases, it can still be worth rebuilding a fire-damaged house based on what you could get in return.
Although you still have to disclose the damage to prospective buyers, you could get great offers if the repairs you made are top-notch.
Sell It as Is
There are a couple of reasons you might want to sell the home as-is.
Perhaps you didn’t have homeowner’s insurance and you’re unable to pay for the repairs. Or the damage was so extensive that repairs will take a long time. Or you just want to get rid of the property as quickly as possible.
A fire-damaged house no doubt complicates things. There aren’t many buyers looking to buy a damaged property. It can be difficult to assess the extent of the damage and determine how much money they’ll need to make repairs.
Lucky for you, there are investors who are always looking to buy property like yours. They will fix up the property and sell it at a profit. All you have to do is research investors and wait for an offer.
Hire a Real Estate Agent to Help You
Real estate agents don’t just sell homes in pristine condition. They also sell damaged properties like yours.
If you’re having a difficult time selling your fire-damaged house, perhaps it’s high time you called in for professional help. A local real estate agent can help you find a buyer sooner than you expected, and sell it at a good value.
When hiring an agent, it helps to ask them whether they’ve got any experience selling fire-damaged properties. Ideally, you want someone who knows their way around damaged houses and knows the people who buy such kind of properties.
You Can Sell a Fire-Damaged House
A fire-damaged house is a hard sell, no doubt. For many prospective property buyers, such a house presents a big risk. However, with the tips discussed above, you now know the steps you can take to offload the property.