In 2018, United States fire departments responded to an estimated 1,318,500 fires resulting in $25.6 billion in direct property loss. If you’re reading this article, there’s a high probability that your home has experienced some sort of fire damage. Even aspects of your home that may not have been badly damaged by the flames may still be ruined by smoke or left soggy with water used to put out the fire. Depending on how firefighters were able to address the fire, you may also be looking at broken windows, holes in your roof, or more.
If it wasn’t enough for you to lose a substantial amount or all of your possessions, now you’re faced with the decision of whether or not you should attempt to restore the house fully or sell the house with fire damage. In this brief article, we’ll provide the steps you should take to sell your fire-damaged home as well as how real estate investors like LEDGE can take the heat off of the selling process.
Steps to Take Immediately After the Fire
Contact Your Insurance Agent
After you’ve taken care of yourself, family, and any pets, it’s time to contact your insurance agent. Depending on your homeowners insurance policy, the majority of your fire damage may be covered by either replacement value insurance or cash value. Replacement value covers the cost of replacing items while maintaining a comparable quality, and cash value reimburses you for the possessions at their depreciated value at the time of loss. Other costs potentially covered under homeowners insurance include:
- Damage to structures not attached to the main home, such as sheds.
- Damage to landscaping.
- Costs of living away from your home, such as hotel stay fees.
Your insurance company may also recommend companies that specialize in the cleaning and restoration of your personal items. Be sure to ask for a cost estimate in writing.
Get Your House Inspected
The next logical step is to receive a thorough home inspection from a licensed professional in order to reveal all damage inflicted on the home. Only once you know the true extent of the damage may you start gathering bids for repairs and be in a better position to judge whether or not you’d like to undertake these repairs or simply sell the property as-is. It’s also a good rule of thumb to have your home properly inspected after a fire because walls and floors may not be as safe as they look. You never want to risk putting yourself or your family in danger.
Related: How Selling Your House Can Change Your Life for the Better
Why Real Estate Investors Are Your Best Option
If you’ve decided that you don’t have the money to make the necessary repairs or don’t wish to go through the traditional process of selling your home, then it’s time to look into how you can sell your house fast with LEDGE Real Estate Solutions, LLC. Just fill out our contact request form, tell us a bit about your property, and we’ll provide you with a quick, no-obligation cash offer. Should you accept the offer, we’ll close in as little as seven days.
You’ll not only receive cash in your hand, but you’ll have peace of mind knowing you can move on to the next phase in your life. Even if you feel like your home is undesirable or damaged beyond repair, we purchase houses in any conditions, regardless of their price range or area. And unlike some real estate agents, we’ll be respectful and professional while providing you with numerous options on the purchase of your home.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.