Home fires are terrifying experiences that can put a lot of things into perspective. Fires can cause minimal damage to your home, or ruin it completely depending on how the fire started and how quickly the fire department is able to put it out. In the end, your home will experience damage and you will be faced with the decision to either rebuild or sell your home. This is not an easy decision to face, especially when you are still reeling back from the trauma you just experienced. Considering the below-mentioned factors will help and make it easier for you to reach a final decision that you will not regret in the future.
1. Extent of Damage
As mentioned above, when there is a house fire, the extent of damage varies depending on how long it lasted and how flammable the items around your home are. If the damage is minor, then it does not make sense for you to sell your home, especially if you have an emotional attachment to it. On the other hand, if the damage is substantial, then it will take a ton of time, money, and effort to get it back to what it was before the fire.
2. Timing
Unfortunately, we do not get to choose when horrible situations occur. A house fire will result in damage that will need time to repair. In fact, it can be pretty time-consuming to get your home in the shape that it was in, before the fire. This will affect how much time you have for work, family, and other obligations. If you have the luxury of time, then you can rebuild your home, however, if you are on a time constraint then you should consider selling your home and starting fresh.
3. Value of Settlement
Another important factor that will help you decide is how much insurance coverage you will have. If your insurance coverage will not cover the costs of repairs and temporary housing then you should start looking for buyers to take the damaged home off of your hands. On the other hand, if you get sufficient coverage through your homeowner’s insurance claim then rebuilding will be a viable option for you.
4. Finding a Buyer
Deciding to sell means that you need to look for a buyer who is willing to purchase a fire-damaged home. Depending on the real estate market, this may take some time. Fortunately, there are entities that are willing to buy damaged property for a good price. Experts at webuyfiredamagedhouses.com state that you can get an evaluation for how much your home is worth and even get paid in cash as soon as you agree to the sale. This ensures that you do not have to worry about looking for a buyer or wasting time living in temporary houses when you can use the cash payment to buy or rent a new home.
5. Repair Costs
Repairs can be extremely costly because you have to hire contractors and buy materials for rebuilding. Of course, these repairs will be mostly covered by insurance if you have a good insurance settlement. However, insurance agencies are not going to pay for future damages that occur due to a contractor not repairing your home properly. This means that you could encounter future repair costs that you are not ready for. To avoid the hassle many people just opt to sell their home and use the money from the insurance settlement and sale to buy another home.
6. Health Issues
One of the factors that you need to consider when you are not sure whether to sell your damaged home or rebuild is the health issues that may arise from living in a home with fire damage. Even if you repair your home, there is still a risk of toxic chemicals that can cause health issues, especially if you have younger children or if someone pregnant is living there. Some people decide to sell their burned home rather than have to deal with health repercussions that may arise later on.
7. Finding Temporary Housing
If you decide to keep your home and rebuild it, then you will need to figure out some living arrangements until your home can be deemed livable. Usually, your insurance agency is required to cover the costs of this housing so you do not have to worry about it. You just need to keep any receipts and rental agreements as documentation so that you can get compensated for their costs.
By taking all of these different factors into consideration, you will be able to make an informed decision about which route to take after your home has been damaged. It is extremely frustrating to have to think about these different options when all you want to do is mourn the loss of your belongings and get over the trauma you just faced. However, going through these steps as soon as possible will ensure that you do not have to deal with a bigger hassle in the future.
