Investing in a burned house – Is it worth it?

28 Feb, 2021

Investing in a burned house – Is it worth it?

One of our greatest fears as homeowners is losing our home to fire, theft or financial crisis.  You would think that fire is preventable. However, the accidental burning down of houses and properties is more common than one would imagine. Have you ever asked yourself, is it worth investing in a burned house? In this article we discuss the options and paths forward might be available should this sadly happen to you.

Is It Worth Fixing up a Burned House to Sell?

investing in a burned house
It is worth considering all the options for what next

A house to those who live there is not just a house, it’s a home. When one’s home burns down, which happens more often than you may think, the homeowners can feel distraught, alone, and destitute. A home becomes a friend your familiar space, and so, you want to salvage and rebuild. However, fears persist, and the owner may worry that their home will burn down again, or just want to get rid of it. Well, that’s where this article comes in… Do you fix up your house and sell it, or do you just take it down and sell the land?

In this article, we are going to discuss the issue of investing in a burned house. We’ll help you to think through whether or not it is worth fixing up a burned-down property to sell, or if you are better to take it down and sell the land. If you have any thoughts about this article, please leave them down below in the comments section!

The Cause of the Fire

Before you even consider selling your property, you must establish the cause of the fire, and ensure that whatever it is, that it can never happen again. A fire is no joke. If there are faulty gas lines under your property or other problems, if they are not addressed, you put the next residents at immediate risk of being hurt. Find the cause of the fire and address it so that you can ensure nobody can be hurt and that no other families will lose their belongings.

Insurance

Is selling your home necessary? For you it investing in a burned house might still be an option. Think this through carefully. Insurance will likely pay for every single thing in your home, and the home itself, providing that you have insurance (which many people do not nowadays, oddly). Insurance is a great asset to have and it is definitely something that we recommend that you invest in so that you can ensure your home is protected and safe and will not be lost to a fire. Fire is indiscriminate and merciless – it will take everything from you if you do not have it insured. Insurance is a great benefit, please do not overlook it.

Selling Your Property or Investing in a Burned House

There are many services available to buy your property from you, even if it is fire-damaged. These services, which according to the fire damage and restoration experts from webuyfiredamagedhouses.com/for-sale/, can prove invaluable to homeowners in times of hardship. You may want to go through one of these agencies to sell your home, even after the insurance company has paid you back for the damages to your home. It is likely you will not want to remain on the land in which you lost your home to fire. That is quite understandable, in fact. Sell your property to an agency like this if you want to, they’re great.

Privately Selling

You could also consider selling your home privately, depending on the extent of the fire damage. Private buyers are likely to consider buying the home at a fraction of the price with an eye to rebuilding. Privately selling will see you taking a huge loss with regards to your return on the property. So only choose this option as a last resort. Even so, it is still an option to consider if you lose your home to fire. Privately selling might be something that you want to consider.

Removal and the Land

If you have decided against investing in a burned house, and you cannot sell privately or to an agency, consider selling the land. To do this, however, you will have to remove any vestige of the property. Land buyers will not buy the plot and remove the house – it will cost them too much money. If your plot of land is in a highly sought-after development area, such as in the city centre, you could double the value of the property on the land itself. Property developers are seeking plots of land at the moment for the upcoming housing surge!

 

investing in a burned house
Sometimes the task can seem too great

Rebuilding

Selling might not be an option for you, however. Not because you can’t – because you don’t want to. You can rebuild your home if you have the finances and determination. It might not look exactly the same, but you can still feel the spirit of the place, right? Rebuilding your home could be something for you to consider, though bear in mind that it will be a very lengthy and laborious experience that will take up a lot of time and money. Rebuilding your home may seem like the right thing to do, but we do ask that you give it some serious thought.

Do you want to sell or rebuild? That’s the real question. It is a question that only you can answer. We hope that you enjoyed this thoughtful approach to investing in a burned house and that plan wisely. 

LamiaW

LamiaW

Founder and Director of HouseSitMatch - I'm a hands-on Admin on the site. Please ask any questions and as soon as I can I'll happily answer and assist where I can.

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