If there has been a fire at your home and you no longer feel safe there or just want to move on to forget it all, then you have probably already realized how difficult it can be to sell a home that is fire-damaged. However, while it is definitely difficult, it is not impossible. There are some things that you can do to maximize your chances of selling your fire-damaged home, from tearing it down and selling the land to selling it directly to companies that specialize in purchasing fire-damaged homes.
This article will offer nine tips for selling your fire-damaged home:
The fastest and most effective way of selling your fire-damaged home is to sell it directly to a specialist company, that buys fire-damaged homes. These companies will buy your property for you, in some cases, in as little as 30 days. In addition, and according to the property experts from webuyfiredamagedhouses.com, you are paid directly in cash. The money will be transferred to your bank account – you don’t have to worry about waiting around, dealing with attorneys, and cashing checks. You are more likely to get a reasonable pay-out for your property from one of these companies than you are with any of the other methods listed in this article.
If you are not interested in selling your property through a professional homebuying agency, then your other option is to list it online, privately. The kinds of places that you can sell it include Gumtree, Craigslist, and eBay. The downside to selling your property like this is that you will still have to pay for a conveyancer to manage your property’s transfer and the likelihood is that you won’t get more than you would if you were to deal directly with a house buying company. Another thing that you need to understand is that when you sell your house privately, you are more likely to receive offers that are unrealistic and may have to deal with timewasters.
Another alternative to selling your property directly is to demolish it, then sell the land. If you demolish your property you will get the value of the land paid to you. Again though, you are likely to get a lot more if you just sell the property directly to a company that buys fire-damaged houses, because they will usually pay more than the value of the land because when they redevelop or fix the property they will turn a large profit. If you sell the property for its land value, then you will lose a lot of money.
You can also repair your property and sell it when it is repaired. The thing with repairing a property is that it can cost a lot of money, and you need to hire a professional fire damage restoration company to work on your house for you. If you do decide to rebuild your property, then depending on where you live you may need to re-apply for planning permission. Your insurance may cover the cost of repairs, rebuilds, and replacements, so you may be able to significantly reduce the amount of money that you have to actually put into the reconstruction of your property. When it is rebuilt, you can sell it and turn a profit.
If your house is beyond repair but you have a lot of land, then you could build a second property on your land. This will significantly increase your land’s value. You will have to apply for planning permission and have to pay for the costs of building a new home entirely out of your own pocket though, which will significantly increase the amount of money that you have to invest into your property’s construction. You might not even be able to sell it and get your money back when you work out the amount of money that you have lost and then put it into building a new one.
You may be able to sell your property directly to people or through an estate agent firm, but you will have to sell it for significantly less than a direct home buying company would buy it for – and significantly less than you paid. We have mentioned this point abundantly already, but it’s important to clarify again because if you do choose this method, you must be prepared to lose money. In today’s trying economic times, losing money can be very bad for one’s quality of lifestyle.
Selling to Investors
If you are in touch with any real estate developers or investors, then you may be able to sell your property to them. You will need a conveyancer to come in to manage the property’s transfer. You may even need to hire a legal professional to negotiate on your behalf, which can be very expensive. The reason for this is that professional investors and property developers are masters at reducing the price of the property that they buy, through haggling, bullying tactics, and negotiation.
You need to be totally transparent about the cause of the fire to whomever you sell your property to. This is so that they can put in safeguarding measures to prevent the property from setting ablaze again. If the fire was caused intentionally by another person, then you also need to tell them this. This is so that the police can get involved and can ensure that the property does not get set on fire by the person again in the future, which can happen if they do not know that you have moved and want to hurt you.
If you are going to rebuild property on your land for resale, bear in mind you may have to check your area’s local building codes or may have to apply for permission to build. Sometimes local governments introduce restrictions upon what can be built, so as to reduce the strain on local services (gas, electric, and water).
If you want to sell your house after it has been involved in a fire, then you have several options. The most effective option is always the fastest, so keep these home buying companies in mind.