Are you thinking about buying a fire damaged house? For some buyers, it is a situation to avoid, but for others, it offers a lucrative opportunity to renovate at a profit. Some home buyers also consider access to a fire damaged home in a top-notch neighborhood advantageous. Before you opt for buying a fire-damaged house, here are five things to consider before writing a check.
- Buying A Fire Damaged House
A fire damaged house is considered a worthwhile investment as they are often undervalued. Because of the condition, it is also an easy way to get trapped by exorbitant renovation costs. Before buying a fire-damaged house, check for the extent of property damage to ensure you have a breakdown of costs, repairs, and materials you need. When you anticipate costs, you will avoid the challenges of restoring a fire damaged house.
- Fire Damage Assessment Report
Because fires take only seconds to destroy a home, it is important to ask the home seller about fire damage and insurance coverage paperwork that establishes the extent of it. Check for specifics like time of the fire, the extent of damage, or structural changes as the information will help during an inspection. You will also need an up-to-date fire damage assessment report from Restore Pro to check for additional deterioration.
- Cost Of Fire Damage Restoration
In addition to the cost of purchasing a fire damaged home, you need to consider fire damage restoration expenses. The overall cost will factor in fire damage restoration practices, the extent of repairs, tools, building materials, manpower, and equipment. If the value of the restoration far exceeds the home’s value when restored, you need to consider the positive benefits versus the economic ruin of this type of renovation project.
- Asbestos Survey
Until the ban in 1977, asbestos was commonly used in building products and materials. When asbestos comes into contact with heat, it changes into a brittle substance that presents a serious health risk. Once asbestos becomes airborne, anyone exposed is at risk for serious conditions like mesothelioma and asbestosis which is why you should have an asbestos survey to confirm that you do not need to take any renovation precautions.
- Time Constraints
Will time constraints be an issue and overextend your budget if deadlines are not met? If you intend to work with different contractors like home inspectors, electricians, or plumbers, it very well will be a possibility that ends up costing you lots of money if contracts are not completed on time. If you want to ensure everything gets done by one contractor, and on time, your best bet is to hire a fire restoration damage company who offers multiple services. Besides dire damage restoration, restore Pro also has licensed sub-contractors like electricians, plumbers, carpenters, and biohazard clean-up to fully restore your home to its original condition with one cost attached to the restoration.
Restoring a fire damaged house takes time and energy. So, before buying it, call us at 1-800-847-0114 or contact us on Facebook where can make an appointment or get restoration information.