When your home catches on fire, the damage can be devastating. You may be left wondering if your home is even salvageable, let alone sellable. Not only consider the structural integrity of your home, but you also have to think about the contents that were destroyed in the blaze.
Once you have a better idea of the extent of the damage, you can start thinking about whether or not you want to sell your property. If the thought of dealing with all of this repair work is too overwhelming, selling may be the best option for you. And if you decide to sell your home, you will need to disclose the fire damage to potential buyers.
What To Do After Fire Accident?
If you have been the victim of a fire accident, the first thing you should do is call your insurance company. If you have homeowners insurance, they will be able to help you with the claims process. You will need to provide them with a list of damaged items, as well as proof of ownership. Your agent will be able to tell you how much the damage is worth and what kind of coverage you have.
You may then contact a restoration company to help you with the repairs. They will be able to assess the damage and give you an estimate of the cost of the repairs. Once you have received the estimates, you can then decide whether or not to proceed with the repairs.
Fire Restoration Cost Per Square Foot
You’ll need to hire a fire damage restoration company to assess the damage and give you an estimate of the repairs that need to be made.
The cost of fire restoration varies depending on the extent of the damage. However, the average cost is about $3 per square foot. This means that if your home is 1,000 square feet, the cost of the repairs would be about $3,000.
Fire Insurance Claim
If you have homeowners insurance, you will need to file a claim in order to get reimbursement for the cost of the repairs. Your insurance company will require you to provide proof of the damage, as well as a list of damaged items. Once you have submitted your claim, they will review it and determine how much they are willing to reimburse you.
It is important to keep in mind that insurance companies often have a limit on how much they are willing to pay for fire damage. This means that you may not be able to get full reimbursement for the cost of the repairs.
How To Price A Fire Damaged House?
When you are pricing your home, you will need to take the cost of the repairs into account. You should also keep in mind that potential buyers may be hesitant to purchase a home that has been damaged by fire. As such, you may need to provide a discount in order to entice buyers.
How To Sell A Fire Damaged House?
Selling your home after it has been damaged by fire can be a difficult process. However, if you follow these tips, you should be able to sell your home quickly and for a fair price.
1. Have a realistic expectation for the sale price.
The first thing you need to do is have a realistic expectation for the sale price. Your home will likely not sell for as much as it would have if it had not been damaged by fire. You need to be prepared to take a loss on the sale.
2. Disclose the fire damage to potential buyers.
You are required by law to disclose any damage that has been done to your home, including damage from a fire. This means that you need to be upfront with potential buyers about the extent of the damage and what repairs have been made.
3. Get an estimate of the repairs that need to be made.
If you have not already done so, you will need to get an estimate of the repairs that need to be made. This will give you an idea of how much money you need to budget for the repairs. It will also give you an idea of how long the repairs will take.
4. Don’t try to do the repairs yourself.
You might be tempted to try to do the repairs yourself in order to save money, but this is not a good idea. The damage from a fire can be extensive, and it is best to leave the repairs to professionals.
5. Choose a real estate agent who has experience with fire-damaged homes.
When you are looking for a real estate agent, choose one who has experience with selling fire-damaged homes. This way, you can be sure that they will know how to handle the sale of your home.
6. Be prepared for a long process.
Selling a fire-damaged home can be a long and difficult process. You need to be patient and prepared for setbacks. If you keep these tips in mind, you will be able to sell your home and get the best possible price.
Who Buys Fire Damaged Homes?
There are a few different types of buyers who may be interested in purchasing your fire-damaged home.
1. Fire damage restoration companies: These companies specialize in repairing and restoring homes that have been damaged by fire. They will usually offer to purchase your home at a discounted price.
2. Investors: There are some investors who are willing to take on the risk of purchasing a fire-damaged home. These investors typically have the cash on hand to pay for the repairs that need to be made.
3. Home flippers: Home flippers are individuals who purchase homes, make the necessary repairs, and then sell them for a profit. If you are able to find a home flipper who is interested in your property, they may be willing to pay you a fair price for your home.
4. Cash buyers: There are also some cash buyers who are interested in purchasing fire-damaged homes. These buyers typically have the cash on hand to pay for the repairs that need to be made.
5. Insurance companies: If your home is covered by insurance, the insurance company may be willing to purchase your home in order to settle your claim.
6. HUD: The Department of Housing and Urban Development (HUD) sometimes buys homes that have been damaged by fire. If you live in an area where HUD has a presence, you may want to contact them to see if they are interested in purchasing your home.
7. Local government: In some cases, the local government may be willing to purchase your home in order to redevelop the property.
8. Nonprofit organizations: There are some nonprofit organizations that buy homes that have been damaged by fire. These organizations typically use the homes for low-income housing or for other purposes.
Selling Your House After A Fire
You may also want to consider selling your home as-is to a cash home buyer. Colorado Cash Buyers is interested in purchasing fire-damaged homes. We have the cash on hand to pay for the repairs that need to be made. We will also handle all of the necessary paperwork and closing costs. If you are interested in selling your fire-damaged home, please contact us today to learn more about our services.