The damages caused by a house fire are very hard to cover. It must be very painful and traumatic to digest and come over it. You have to be mentally prepared for the situations you may going to face in the coming days. You should prepare for a repair expense and related process to recover your house.
If you are planning to sell a fired house, you have to do even more repairs and damage controls so you can quickly sell it and move out.
Excluding losing the personal stuff and things to fire, a normal house fire creates a loss of $20,000 to the damages which makes the selling process even worse.
According to a report from National Fire Protection Association, about 400,000 houses involved fore damages every year and the loss of cost for this fire damages comes to around $7 billion. In these, some cases are covered by insurance.
How much fire damage can you cover if you have insurance?
After the fire went out of the place, never try to enter the home under the permission of fire service people. Once they gave you a permit, do not touch anything but only pick up the important documents, personal things, and crucial items.
It will help you minimize the after-fire damage to the house. You have to water the place, cover the door and window ways, and other openings in the house to further damage from nature.
If there is no fence, you may want to put one around the property to avoid theft.
Now you contact the insurance company and inform the damages. Check the details of coverage and calculate how can you utilize your current insurance policy.
Arrange Home Inspection
After the emergency services, and immediate damage controls are over, call a licensed professional to inspect your house after a fire. Despite the size of the damages, we don’t what the fire causes inside the house which can be identified only by a professional inspector.
Now you got the actual extent of the fire damage so now you have to start preparing the bids for repairs and calculate the total cost of damage. On seeing the repair cost, you will get an idea if you can sell the property as-is or if it needs repair works.
Does anyone buy a fire-damaged home?
It is difficult to sell a fire-damaged home but it does not mean that no one buys it. You have two options if you want to buy a home that has undergone fire damage.
1. Repair and Sell
If you have enough money and time to do the restoration, you can do repairs to the fire damages in the house and convert it to a regular one. Now you can sell it as others do. It is beneficial only when you can earn more money from selling a house than you repair expenses.
2. Sell as-is
If you are lucky, you can find a buyer who is interested in doing the rehabilitation on themselves. It becomes true when the get your house for less money than its value. There are some potential buyers who accept rehabilitation loans. Try your best to find them.