Fire can be destructive. We have seen the impact of the recent unfortunate fire accident in Australia. In the United States, the fire caused property damage worth $11.1 billion (2018). Each year, we report thousands of fire-damage incidents, and the statistics have remained unchanged for some years.
Fire damage can be the result of an electric short-circuit or a burner that was left on. The critical task is to have a proper home insurance plan that protects you against natural disasters, fire, and water damage.
Fire can damage the roof, walls, and woodwork. Water is sprayed over the fire to control the situation. Slowly, this water crawls under walls, floor, and attic space, which creates water-problems and can result in the growth of the mold.
Heat can even melt metal. Burnt electric wires are dangerous. Whatever happens, do not enter the house unless the area is declared clear by the relevant fire-control company. The air quality inside a fire-damaged home is hazardous. Ozone spray will improve air quality.
You’ll need to hire a certified inspector who will inspect the area. You may need the help of a structural engineer. Space might require cleaning; however, scrubbing away black spots won’t do any good. When you pay for the services, keep all receipts. You’ll need them later.
While people are busy in your house, you’ll need a separate residential area for some time. You might have to rent out another property. Call your insurance company, and see what they can do to help you.
What is the current value of your property?
You can ask a professional appraiser or an agent to give you an estimate of the home’s value. In unfortunate circumstances, if the entire structure is damaged, the cost of land will be the price of the property. If the foundation is safe, it is possible to restore the house. In that case, you need a repair estimate so you can fix the house.
Does your insurance plan provides enough coverage to rebuild the property? If you have an “extended replacement cost coverage,” the insurance firm will bear the costs of rebuilding your house.
Sometimes, insurance policies don’t provide enough coverage. You can receive a cash amount, but it’s not enough to rehab the house. In that case, we recommend that you sell the home for a fair cash price. Rehabbing the property will cost you 2x more than the original price which is not worth the effort. If you sell the house now, you’ll get a fair cash price for the property as well as the insurance amount. By using this amount, you can invest in your next property.
A home is not a building. It is made of emotions. It can be emotional baggage to live in the same house after it has been damaged by fire. For your family, it might be more comfortable to purchase a new home and start a new life.
Most people are interested in a top-notch house. They are not looking to purchase a burnt property. Your options are limited when it comes to selling a fire-damaged property in New Mexico. You must rehab the property if you want to sell in the retail market. Living in a separate place, and repairing that house is an exhausting option even if affordable. Delaying the sale only delays the trouble.
In such situations, it’s best to sell your fire-damaged home to a reputable cash buyer. A professional rehabbing company will purchase the home as-is. You’ll get a fair cash price and you’ll be free from the responsibility within days. You can get a free consultation, because, sometimes, the solution is not straightforward. Work with a company that can offer creative solutions. A firm that can work day in & out to help you achieve your goals.
If you need help with a fire-damaged property or you know someone who is facing such problems, please give us a call. Our expert team can propose a solution that works for you.