If your home has suffered damage due to a natural disaster, crime or other issue, you may be considering selling instead of spending money to repair the damage. In many cases, selling a damaged home might be a better idea in terms of return on investment. So how exactly do you go about selling a damaged home?
Consider Your Options
When you are dealing with a home that has been damaged you often have several options on the table as to how you can deal with this problem. If you are looking to collect on an insurance claim, the amount you might receive will determine whether you can afford to make the renovations to your home in order to repair it.
Consider an Auction
Depending upon how damaged the home is, you may want to consider selling the home at auction because homes that go to auction sell for higher prices and must faster than they might on their own. Many potential buyers are interested in buying a home “as is” especially if the deal looks like a good bargain for the buyer.
Mould and Mildew
Homes that have been affected by issues such as mould and mildew present a unique situation because the seller will need to disclose all of these issues when putting the home up for sale. Depending on how bad the mould problem is, home technicians may have to replace walls in your home in order to eliminate the mould. These repairs can be quite costly and the home may not be liveable again for sometime.
If you are dealing with these problems, obtain a few estimates for eliminating this problem in your home. Then you and your agent can review the figures in order to determine whether it should be left up to the new owner to fix these issues or if you will take care of them before selling.
Don’t Forget an Engineer’s Report
If you are planning to sell your home after it has been damaged, an engineer’s report might be a good idea to obtain. Most buyers want to know if the house that they are planning to buy from you is stable and safe to enter. If it is not, this could mean significant costs on the part of the buyer to get the home back to a safe condition.
If the damage is very serious, in some cases it might be a good idea to simply raze the house and start over with building a new home on the property. A structural engineer can make this determination. If the entire home has sustained serious damage, then this will likely be the best outcome.