As a homeowner, experiencing a fire incidence in your property is one of the most traumatizing thing you can ever experience. If you own a house which has been damaged by fire, one of the dilemmas that you will find yourself in is deciding on whether repair it or sell it “as is” to a real estate investor.
Don’t worry because we have prepared some significant questions to help you figure out the best option that will work for you.
What Or Who Was Cause Of The Fire?
If you know the root cause of the fire, you can be able to determine whether it’s a minor or major issue that needs repair or it’s beyond your control.
Do You Have Home Insurance And What Will It Cover?
A home insurance will only cover damages up to a certain level. If the cause of fire is covered under home insurance, you can consider making repairs but if not, selling your damaged home is the best option.
What Is Extent Or Complexity Of Damage (Mold/Toxicity)?
If the extend of fire damage (mold/toxicity) is huge, there is no need to make repairs by yourself because it will be an expensive affair. Instead, engage a reputable real estate investor who specializes in buying such properties for a cash offer.
What Is Your Financial Situation And Are You In Need Of Money ASAP?
If you are a distressed homeowner, selling your fire damaged house to a real estate investor might be the best option. Repairs arising from a fire damage can be costly and you might not be in a position to meet the repair costs if you are struggling financially.
What Is Your Sentimental Connection To Home/Geographic Location?
If you have a sentimental connection to your fire damaged home location, you might consider if it makes sense to sell your damaged home or consider making repairs. If you opt to sell it “as is”, you can move to another location or find a similar property in the same neighborhoods.
What Is Comfort And Capacity (Time) To Wait For Repairs?
Repairing a house which have been damaged by fire can take a short period of time or longer depending on extent of damage. If the repairs are minor, you can wait until all repairs are concluded before you can move in. On the other hand, if the damage was extensive, selling it to a real estate investor would be the best option.
What Is The Mortgage Balance Due On Your Home?
The amount of mortgage balance due is also another factor that can influence the decision that you make regarding your fire damaged home. If you have a huge mortgage balance, consider selling it “as is” for a cash offer. If the property burns down, your homeowner’s insurance should cover the mortgage balance.
If you don’t have insurance, no worries! Read this article – what happens if your house burns down and you have no insurance, and you’ll learn that there are investors who are able to work with you and provide a cash offer AS-IS.