Whether you are considering buying a fire-damaged house as shelter for your family or as a “fix and flip” investment there are several things to consider.
In this short article, we are going to look at both the pros and the cons of buying a fire-damaged house.
First, let’s look at the pros
The main pro of buying a fire-damaged house is that these houses are typically underpriced. For a variety of reasons, not many people are eager to buy a fire-damaged house and this lack of interest typically causes homeowners to price their home significantly under what similar non-fire-damaged houses are priced at.
The cons of buying a fire-damaged house
The cons of buying a fire-damaged house are a little more extensive than the pros. The main issue, however, is the uncertainty that comes with buying a fire-damaged house.
Often with a house fire you just don’t know how much damage was sustained by the structure. For instance, there could be smoke and soot damage in out the way, unseen areas.
As an example, there could be smoke damage in the air ducts. There is also the fact that smoke damage can extend far from the fire location and, if not properly removed, can end up damaging the health of those who live there.
Smoke damage is dangerous
Smoke damage has been known to cause respiratory/breathing problems, skin irritation and eye irritation.
Spending a long time breathing in smoke damage unknowingly can make these conditions even worse. Smoke contains a lot of toxins and these toxins can severely damage a person’s health over time. One example would be developing lung cancer.
As a result of the unknowns that come with a fire-damaged house, a person can also see their stress level escalate. Maybe they are worried about a hidden danger like smoke damage or about a new fire occurring.
Stress can be another issue that comes with buying a fire-damaged house
Stress is very harmful for a person’s health. Research shows that stress can damage everything from your gums to your heart and make you much more susceptible to getting everything from the common cold to cancer.
Here is some more about the dangers of stress. It contributes to heart disease, high blood pressure and strokes. It also affects the immune system, which protects us from many serious diseases and infections – something which is vitally important considering what is going on in the world in 2020.
Stress also contributes to the development of alcoholism, obesity, suicide, drug addiction, cigarette addiction and other harmful behaviors.
How to limit stress and uncertainty when buying a fire-damaged house
So what’s the best way to put your mind at ease and avoid worrying about the dangers of buying a fire-damaged house?
One of the best things you can do if you considering buying a fire-damaged house is to have it thoroughly inspected by a highly respected, highly qualified inspector.
You may also want to have a structural engineer come in and examine the house as well to give you further piece of mind.
You, yourself, can also examine the house. Look for scorch marks or signs of charring. Also take note of any smoke smells … or musty smells from mold growth from the water damage that often occurs in a fire-damaged house.
Other things to look for include warped window frames, floors and door frames. You should also check to see if there is damage to the pipes and HVAC system.
What about fixing and flipping a fire-damaged house?
If you are buying a fire-damaged house to “fix and flip” then you will want to take steps to alleviate concerns in potential buyers’ minds.
That means using a professional cleaning crew to rid the house of smoke and soot. Another thing you can do is hire a top-notch contractor to handle the repairs.
The bottom line is you want the house looking as good as new to help give buyers peace of mind. You should also document the inspections and repairs that you have had done.
Being able to show a record of all the work that you’ve had put into the fire-damaged house can also help alleviate buyer fears.
Get as much information as possible when buying a fire-damaged house
One of the best things you can do if you are considering buying a fire-damaged house – whether to live in or as an investment – is to get as much information about it as possible.
Get answers to questions like these: where did the fire start? How much damage did the fire cause? Was it a big fire or a smaller fire? What caused the fire? Has this problem been rectified? Was the house inspected (even if it was you should have your own inspection as well)? What other damage did the house suffer in the fire? Was there structural damage? Was the structural damage completely fixed or is there still some damage remaining?
You goal should be to get as much information as possible about the home and the fire.
What if you are selling instead of buying a fire-damaged house?
If you have a house that was damaged by fire and you don’t want to go through the often long and frustrating process of selling the house on the real estate market …
You can instead sell it directly to We Buy Fire Damaged Houses. We are known for providing owners of fire-damaged houses with a great price. We also pay in cash so that you can get your money fast and move on with your life.
By selling to We Buy Fire Damaged Houses you are able to avoid the stressful sales process that can include multiple open houses that invite strangers into your home to look around not just at the home but at your personal stuff.
You can also avoid going through the repair process as We Buy Fire Damaged Houses purchases properties “as is.” No repairs are needed. You won’t have to worry about hammering noises waking you up early in the morning or about project delays putting your life on hold.
To receive a free, no-obligation quote on your fire damaged house from We Buy Fire Damaged Houses, just complete the short form below.