Why Selling a Damaged House is a Better Option?

real estate news, Things to know

A damaged house is a term that is a nightmare for any house owner. But, the reality is you cannot do much about disasters such as thunderstorms, fire eruptions, tornadoes, etc. These unwanted events can make a mess of your once elegant and eye-catching real estate. But sometimes, there are internal problems which can make things worse.  In such circumstances, there are two possible options- selling a damaged house or repairing it.

Now, one must understand that regular maintenance is a separate thing, but repairing a damaged house is something entirely different. Regular maintenance is generally a pocket-friendly thing because it includes minor expenses. However, repairing/fixing a damaged house is something totally different. Sometimes, selling house as is condition is the best option.If, due to any reason, you are stuck between selling a damaged house or repairing it, here is what you should know.

Some common house repairs

Every house is built differently, and it is difficult to generalize the expenses of repairing a house. The owners often prefer selling a damaged house because the repairing costs are too much for them. Here are some common house repairs and how much they can cost.

Foundation Cracks repairs

One of the scariest things for a house owner is foundation problems, and here are some statistics. Generally, the average foundation repairing cost is $3500 USD. But, if the hydraulic pier installation is required to repair those cracks, you may have to pay up to $40,000 USD, and that is not a minor amount by any means.

On the other hand, if you are choosing the DIY option, you must be very careful because you may worsen the problem rather than solving it. It has been seen very often that people just “band-aid” the problem time after time rather than looking for the root cause, which actually leads to foundation cracks. House owners with foundation issues often go for the sale option as repairing costs are generally too high. 

Water Damage repairs

Another very common problem for house owners is water damage, and it can be very frustrating. Not only it can suck the life out of your pocket, but it can also be risky for your home as well as your health. Repairing or selling a damagedhouse because of water issues can be based on the extent of damage and the risk to your house and health.

Risk to Home: As per the Institute of Inspection, Cleaning, and Restoration Certification (IICRC), water damage is classified into four categories/classes. For example, a class 1 damage is comparatively easy to repair as it is limited to a part of a room. The most severe type of water damage is class 4, which needs specialty drying. It is known for its rapid evaporate rate, causing more humidity in the air. This may easily lead to major damage to your house. Therefore, it should be dealt with immediately and properly. 

Risk to health: As mentioned above, water damage is not only harmful to your house, but it can be injurious to your health. IICRC also classifies the water that results from water leakage into three categories.

  • Clean water: It comes for broken appliances or overflowing sinks. Although it is not harmful, it cannot be left unattended. However, even clean standing water starts producing microbial growth within a day, causing the development of mold.
  • Gray water: If ingested, it can easily cause sickness.
  • Blackwater: It is a result of sewage problems, and it is the most dangerous in all categories.

Most importantly, any or all of the abovementioned categories can cause asthma, allergies, and other respiratory disorders. A water-damaged house repairing cost can be too much for your pocket, and your health too is always at risk.

Fire Damage Repairs

There is no easy way to say it, but a house on fire is mostly a lost cause. Even if it looks fine after the chaos, you still cannot be sure about its structural integrity unless a structural engineer clears it for inhabitation. You have to pay the engineer for inspection, and even if the engineer declares it fit for inhabitation, you still have to repair your house.

If you have sprinklers, then on average, it may take up to $2200 USD for repairing, but this figure can reach $45,000 USD if you don’t have sprinklers. If this happens, even your insurance policy may not be good enough to cover up these expenses. Besides, dealing with the insurance agencies and facing the legalities can be very frustrating for anyone.

Under these circumstances, selling your home or burned housecan be a better option rather than spending too much on repairing. Besides, if you go for repairing, you still have to disclose this fact to your buyer if you sell it later. It is because you are legally obligated to disclose every fact about your property while selling it. People don’t pay much for significantly repaired houses.

At Finest Home Buyers, we welcome anyone from anywhere in the United States who are facing issues related to selling a damaged house, stuck in mortgage issues, or similar problems as selling home as is condition is guaranteed with us. We always offer our clients a FAIR deal that suits their needs. If you have any queries, you can contact us anytime.

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