Sometimes, the fire sales that need renovation deter the real estate investors, or foster them end up buying with it considering it as a lucrative opportunity to get the bargain homes. Buying the fire damaged house pops-up so many questions before the investors, whether it is worth to invest in such properties or not.
Although when the smoke damaged house in a most sought after area, come into the market for sale, the buyers who struggle to afford the house in such area find it a great way to get the home there. But, before signing the deal, the buyers should take a look at the advantages and the downsides involved in buying fire damaged sale.
The things to consider before locking the deal:
It’s true the fire damaged properties are undervalued and best for the fix and flip investment. The good amount of revenue can be generated if the investor has the enough potential to make the repairs effectively and quickly within the budget.
Note: Before getting attracted towards the significantly lower priced home, the level of damage must be checked, otherwise the property proves to be unprofitable. Besides, the fast home sale services also lend a hand to the sellers to get the right value for the property.
- Inspect Professionally
The biggest cons of the fire sales are the repairs. The buyer needs to reconsider the purchasing decision based on certain criteria such as:
- When did the fire take place?
- The extent of fire- was it limited to a room or the complete house got burnt?
- Have the repairs started or accomplished?
- Were there any structural damage happened and major changes needed?
Well, these are the questions that a buyer can ask the seller, but they need to self-inspect the house and do all the necessary homework.
- Hire a structural engineer
No matter how good you have inspected the property, but only the professionals like- home inspector, structural engineer, plumber, or electrician can better check the home and let you know the exact situation of the fire damaged home.
The experts let you know whether the home wiring is damaged, mold has developed, pipes have melted, floor or window frames have warped, the HVAC system is damaged, and pretty more issues. Hiring the experts definitely cost the buyers some dimes, but safeguard from the unknown repairs that they have to make after house buying.
The engineer’s report explicitly illustrates the damage’s depth and the unforeseen problems that may arise during the renovation. If the buyers find the house repairing affordable, then the actual fixing starts, which includes everything from small replacements to the major structural changes.
Additionally, if the smoky smell is left behind, then either the burned material has to be replaced or gets painted with a solvent to get the burning smell out of the house.
- Need an asbestos certificate
How long ago the house was built and got burned is very important to know. The reason behind is the modern house are built to meet the modern health and safety regulations.
When someone wants to sell fire damaged house, make sure they have the asbestos certificate, else you have to get the one because the insurance companies or the banks mainly demands the asbestos clearance certificate to ensure that house won’t pose any risk.
Wrapping it up
Restoring the house from the fire damage is not a work of an average Joe. Instead, every burned house is one of a kind and comes with its own pros and cons that the buyers have to identify and keep in mind before buying. It’s an arduous task that involves a lot of people to fix and flip the property quickly.
Work smartly! Buy and turn the fire damaged house into a money-spinning wheel.