First, discuss the situation with your insurance company. How much amount will they pay for repairs and construction work? You need an accurate estimate to decide whether you should restore the house or if it is a better option to sell the damaged property.
Depending on the extent of the damage, repairing fire damage can cost you thousands of dollars. Even if the fire damage is only on the surface, the interconnected wires and insulation cannot remain unaffected.
Water damage is also a significant issue. To stop the fires in your house, fire department team will soak the house in water. This action will apparently stop the fire, but it will do severe damage to the underlying structure of your home.
The water slowly crawls into walls, basement, attic insulation and other parts of the house. The seeping water provides a healthy environment for mold development which grows within 24-48 hours of receiving water supply.
The insulation of your house is damaged by water, lingering smoke and fire. You will need an ozone generator to purify the air in your home. Even after this is done, the smell can disturb you for weeks. Immediately call a structural engineer to get an estimate for the damage done. Do not go in the house unless a professional declares it safe for entering. Melted electric wires, ashes, and air filled with smoke can create severe health issues. At this point, you might not be able to guess the actual cost of the damage, but fire damages are usually worse than imagined.
Your contractors must tear down the walls to replace the ductwork, electric wiring, and insulation. Heat can melt vinyl windows, doors, PVC, copper pipes and electrical wiring in the house. In case of foundation damage, you will need to demolish the entire house and rebuild it again from scratch.
You have two options. You can sell the house as-is for a cash price. If you have an insurance plan, the proceeds can be used to pay for your new home. This option works because it is easier to find a new house instead of repairing the existing residence.
Your other option is to repair the house. You may want to sell it after repairs. Restoring the house is a valid option if you can fix the damage in few weeks. Hire a property inspector to provide details of the damage done to your home. You do not want problems to appear every week and if restoring the house will take months and thousands of dollars then it is best to let go of the house and invest in a new place.
Furthermore, property fire damage is written in city records. You will need building permits for every repair you make, and your contractor must send you a warranty. When you sell a house after making structural repairs, some customers may not even visit your property because it was repaired. Potential customers will question the stability of the house. In this situation, it is your best option to sell the home to a redevelopment company or a cash buyer in Illinois.
You cannot sell a fire-damaged house at the retail market. Conventional customers are not interested in such homes. You cannot sell a burned house to a young family. If you want to sell the house by listing with an agent, then you must restore the property in its original condition. However, doing that will take months, and it is probably not a good idea for your current situation.
You need a cash buyer who will buy your house as-is for a cash price. Cash buyers can close quickly and have the resources to invest in fire-damaged homes. The company can give you a quick quote, and you can sell your house within 7-10 days. After receiving the money, you can use the sale proceeds and insurance policy funds to purchase a new home.
MJ Property Solutions is a residential redevelopment firm in Illinois, Chicago. We can buy your fire-damaged house in 7-10 days for a cash price. Click here to get a quote now.