If you have experienced a fire in your home, there are many emotions and feelings that coincide with such a traumatizing event. Depending on the physical damage that your house has sustained, you may be debating whether or not you should sell your damaged house. Here are a few considerations to make that will help you decide whether or not it is in your best interest to sell or repair your house after a fire.
Extent of Damages
The first and foremost determining factor that will come into play on whether or not you should sell your home after a fire will come down to the actual damage that your property has sustained. If it is not quite as substantial and the damage is either contained to a limited amount of rooms or if it is only surface damage that can be repaired, your best interest would most likely be to do the repairs.
Even if you are inclined to sell your home or have been thinking of putting it on the market prior to the fire, you should still consider doing the renovations to repair the damage. This is because you will likely be losing a substantial amount in terms of value if you are to sell your home after a fire, even if the damage is not structural. If you plan to sell the home, investing in the time and effort to do repairs will add value to the resale price.
Benefits of Repairing Your House
When considering repairing your home after a fire, there are benefits that you should consider. In addition to adding value to your home, choosing to do repairs will allow you to renovate and make changes to your house however you wish. This can include the architecture or interior and exterior design choices.
Choosing to repair your fire damaged home means that you also retain the sentimental value of it, keeping and repairing any memories that you have tied with your home and ensure that your memories are not scarred by a potentially traumatizing event such as a fire.
Struggles of a Repair
The struggle with doing the repairs after your house has been damaged by fire is that you will not always have the luxury of having a safe space to live. Depending on the amount of damage, you might have to relocate your living arrangements temporarily, which can be a burden that a family wishes to skip. You might also struggle with finances, as leaving you without a home can affect your work and personal life, making it harder to progress and move forward after a fire.
Why You Should Consider Selling
Selling your home after a fire can provide you with certain benefits as opposed to doing repairs on the damages. These benefits include having immediate financial freedom and security with the sale value. The professionals at We Buy Fire Damaged Houses understand that not everyone has the financial freedom to simply do repairs and renovations. Selling your home as-is at competitive rates allows you to get back on your feet quicker. This also provides you with time to get back to work or caring for your family. This would not necessarily be viable if you are worried about fixing your home and trying to move back in.
The Negatives of Selling Your House After Fire
Of course, the main negative from selling your home after a fire is the loss of the asset itself. You lose both the memories you have created but also will lose out on money in the long term. Repairing a damaged home requires financial investment, and some people cannot afford that. However, that financial investment comes into play in the long term, allowing you to either regain the value of your home or increase the resale value you would otherwise have if you sold it in its fire-damaged state. It is a question of whether you can afford those immediate financial losses to dedicate to repairs or not.
If your home is damaged through fire, there are many things to consider if you are debating on selling it to regain some financial relief or if you are planning on repairing it. It all depends on your current situation and the feelings and opinions of all those affected. If this is a family home, you need to consult your family members and not only weigh the options but communicate the reasoning and decisions behind your choices. This can help you move forward together and past any negative feelings towards the circumstances at hand.