Can You Profit From Your Fire Damaged House?

Millennial Magazine - fire-damaged-house

Having had a fire in your home is a highly traumatic and stressful event. It comes as a surprise, and you aren’t always sure how to handle the situation, especially as it occurs. Once you have ensured everyone in the home is safe, trying to figure out what to do next is met with uneasiness and uncertainty. If your house is damaged, is there a way to salvage it, and maybe even see some profit?

Recuperating Losses

If your home has been a victim of a fire, depending on the number of damages you sustained, simply selling your fire damaged house might be the best option in order to recuperate your losses. If the damages are too high, and you do not have the financial stability to repair and restore it, a quick sale may be the best option for you to get back on your feet. Of course, this is highly dependent on the situation, on each person and their circumstances, and the damages to the home. In such an event where you are the original owner of the home, you will not be making a profit. Instead, selling your fire-damaged home is a way to minimize your financial losses in order to get back on your feet as quickly as possible.

Flipping Fire Damaged Homes

Fire damaged homes are not profitable for those that have gone through the incident. The damage will always result in losses, regardless if you choose to repair it or not. This is because any repairs and renovations will result in you having to spend money to clean up and do repairs on what would most likely have been solid structures to work with. If you are looking for ways to profit, it would be in purchasing fire damaged homes. The professionals at acknowledge just home much time and effort is dedicated towards the cleanup and repairs, and reselling them which does provide a profit. This is because most families that have to deal with heavily fire damaged homes do not want to deal with the stress and burden of fixing it up. If you are willing to put in the work, you will see the benefits.

What Is Salvageable?

For any home that has gone through a fire incident, the first thing you need to do after you have gone through an experience where a fire has damaged your house is to evaluate the situation. This is a step for those that are trying to repair and live in their homes again, or those reselling them. When you think of a home fire, you typically think of the situations in the movies where the entire house goes up in flames and burns down completely. This is not always the case. Some fire-related accidents and incidents result in less damage. This often means that rooms still remain untouched and the structural integrity of a home is generally still in good condition. However, there is still damage that needs to be assessed. You need to go through your home after any sort of fire damage has occurred and determined what must be addressed. Inspectors will be able to assist in your home where you have to evaluate things like your electrical, plumbing, insulation, and heating and cooling issues after a fire. With all that determined, you will be able to know how best to proceed.

Cleaning Up And Restoration

If your home is not in too rough of a shape, you can begin the cleanup and restoration process. You will have to factor in what you have to account for, whether that is the water damage from hoses and the measures to stop the fire, the fire damage itself, cleaning odors that have seeped into your surfaces, or trashing burnt furniture, appliances, clothing or other items. You need to ensure that you take the safety precautions to do so. Once the initial cleaning has been done, you will be able to work on the repairs needed. This is also an opportunity for any renovations or upgrades to be done to the home, to try and add value back into your house. The length of time dedicated to this restoration will depend on the extent of damage that needs to be addressed, and your overall plans for reconstruction and repair.

The most important thing when dealing with a fire is establishing that everyone is safe and in good health. It may be emotional to have to deal with the fallout of a fire, but if you take your time, you can eventually get back on your feet.

What do you think?

Written by JR Dominguez

JR Dominguez is the technology, finance and music editor for MiLLENNiAL. When he's not writing, you can find him day-trading stocks, playing video games, or composing commercial scores.

Millennial Magazine - cruise-ship

Injured On A Cruise Ship: Who’s Responsible?

Millennial Magazine - practical-gifts-for-the-man

Unique and Practical Gifts For the Man of Your Life