How to Sell a Home With Fire Damage
Hundreds of thousands of home fires have occured in the U.S. in the past five years, costing homeowners and insurance companies billions of dollars in damage. Fire damage to homes can result from a variety of scenarios, from wildfires and big electrical issues to people forgetting to turn off stoves or falling asleep with candles or cigarettes burning. Team Dynamo highlights the pros and cons of the two main options you have when trying to sell your home in Gainesville after it has been damaged by fire.
Repair the Damage
Generally, taking measures to remedy most or all the damage before listing the property is the most fruitful option because it makes the house more marketable. If you pass on repairs, many buyers may be turned off with the daunting idea of rehabbing and move on to similar properties nearby that won’t require that effort. On the flip side, some revamping could get you a full return on investment and help the home sell faster, which reduces holding costs. For instance, jobs like painting and improving curb appeal can be relatively inexpensive and significantly reduce the trace of damage, especially if the fire was localized and did not affect many home features. Should you choose fire damage reconstruction in Gainesville, real estate agents with Team Dynamo can look at your home and help you prioritize the areas and processes that will be essential for a better and faster sale.
Sell the Home As Is
In some cases, homeowners may find it beneficial or preferable to sell a fire-damaged house as is. This is usually if the fire was minor and affected small areas of the home, excluding kitchens and bathrooms. Nonetheless, remember that you are competing with many Gainesville, FL, homes for sale that have never been damaged by fire and be willing to make up for that difference in some way. Buyers will probably expect a significant discount, especially if the damage is extensive. If you had fire insurance and get lucky enough to find an investor willing to buy the property as is for a discount, the sum of the checks from the insurance company and the sale may add up to about the same as what the market value of the home would be without fire damage. A real estate agent can help you estimate the potential earnings of both scenarios to help you choose.
Whatever route you pick, be honest with agents and potential buyers. Do not try to conceal or deny the fact that fire damage occured at one point, even if it was long ago. Tell potential buyers the truth about the cause of the fire and any attempts to mitigate its effects. Give them copies of all documents pertaining to it, including police reports, insurance claims and proof of any repairs made.
Work With a Seller’s Agent in Gainesville
Whether you choose to remedy the damage or sell the home as is and leave repairs to the new owners, you can benefit from working with experienced real estate agents, who can provide insight about the market, inspect the house and compare it to competitor properties in the area. If you have a home for sale in Gainesville, FL we can give you tips on how to make it more appealing to buyers and guide you through every stage of the selling process, from listing to closing. Call Team Dynamo today for a consultation!