Want to sell a burned house? In this article, we are going to go over some tips and keys to success that you can use to sell a burned house for a profit with as little stress and frustration as possible.
The first thing you need to keep in mind when considering selling a burned house is that often the damage from a fire can be extensive and can extend beyond what you see with your naked eyes.
For example, there could be extensive smoke damage which can be hazardous to occupants’ health and can be very difficult – and expensive – to get rid of.
In addition, there may be structural damage that maybe is not immediately noticeable but will need to be repaired. Again this work can be expensive and time consuming.
All of this is why if you are looking to sell a burned house your first step should be to have the property inspected by a professional with fire damaged house experience.
Remember, it’s always better to know what issues are present early rather than be surprised later on.
A good inspection will allow you to determine if repairing and selling the burned house is feasible.
After getting the inspection, here are some additional tips that can help you make the decision of whether or not to try to sell a burned house.
Study the Market
The sad truth is many home buyers simply will not buy a burned house. One way to get around this roadblock is if your house is in a hot market. Demand for property in a hot market may be so high that people are even willing to buy a burned house. One way to determine if your local market is hot is to work with an experienced local real estate agent, one that knows the area like the back of their hand.
Set a Budget
Another key to making a profit when you want to sell a burned house is to set a repair and renovation budget and stick to it. This goes hand in hand with your inspection report. Talk to a contractor and see how much repairing what is wrong with the house will cost. Use this information to set a budget and then be careful not to go over that budget.
Be Smart With Your Renovations
Again, this means stick to your budget and besides fixing fire damage be sure to focus on making renovations that actually boost the value of the home. Don’t get carried away and make a bunch of renovations that won’t actually pay off down the road.
Be a ‘Team Player’
Yes, you may be able to go it alone and succeed but the truth is the entire process is much easier when you have experts that you can consult.
This means you need to put together a team that may include some or all of the following: a real estate agent; an attorney to help with paperwork; a contractor or renovator that you trust to handle repairs; a home inspector; and an insurance agent.
Be Knowledgeable About the Area
Again, trying to sell a burned house is difficult as not many buyers want to buy a home with a bad history. Having extensive knowledge about the area and its benefits can help you overcome buyer objections.
Be a Good Estimator
To succeed at selling a burned house you must be able to accurately estimate the cost of any repairs you are going to be making so that you can pursue deals that will net you the most profits. That means you should be familiar with construction materials, local construction codes, cost of local labor and the time a job will take.
Be a Do-It-Yourselfer
Often, one way to boost your profits when you decide to sell a burned house is to have some home improvement skills and be willing to take advantage of them. Even if you would rather not pitch in and help with the work, the knowledge of how to install a sink, change a countertop, do basic electrical or plumbing work, and/or shingle a roof could help you more accurately estimate cost and rehab time.
Finally, if you want to sell a burned house you will need to have patience. That means you need to understand that there may be repair delays or you may have to insist that substandard work be corrected.
If you are able to do the things we have just mentioned, you could have success selling a burned house for a profit. Just be aware that you can do everything right and still have difficulty selling a burned house.
The biggest risks you’ll face are:
Failing to Get Your Asking Price
Unfortunately, there are a number of factors that can cause someone trying to sell a burned house to lose money instead of make a profit. Those factors include: unanticipated expenses, higher taxes, costs associated with holding a property and difficulty selling. You have to be able to find buyers who are ready to take action – and selling a burned house is notoriously difficult. Every day you hold the property could mean fewer profits for you.
Another negative that accompanies trying to sell a burned house is stress. The whole process from recovering after a house fire to getting an inspection to repairing the property can be filled with stress. You need to have patience and confidence from beginning to end.
One way to avoid the difficulties that come with trying to sell a burned house to an individual buyer on your own (which again is very hard) is to sell your house to a company like We Buy Fire Damaged Houses.
Make Selling a Burned House Easier …
With We Buy Fire Damaged Houses, there are:
- No seller commissions
- No stressful wait
- No hassles
- No expensive repairs
The company is experienced in helping homeowners with difficult or rapid real estate transactions … and they can help you avoid the uncertainties that accompany trying to sell a burned home yourself or through an estate agent, such as not knowing “when” or “if” your house will sell or for “how much.”
Over the past several years, the company has helped hundreds of homeowners free themselves from difficulties associated with a fire-damaged house – and they can help you as well!
Just fill out the form below to learn more.