Experiencing a fire at your home is one of the worst things that a Maryland homeowner can go through. You will probably feel a strong sense of loss and this will be made even worse if the damage is quite extensive.
A fire is very likely to leave structural damage behind and you will need to arrange an inspection so you can find out the extent of the damage. The average cost of repairing a home that has suffered from fire damage is $6000. If this cost will not be covered by your insurance company then that is a very sizable amount of money to come up with.
The good news is that there are still some options open to you, even if you cannot afford the restoration costs.
Can The Property Be Sold?
Many people worry that they will not be able to sell their Maryland house if it has been damaged by fire but this is not the case. If you are looking to sell your property then there are two main options that are available to you.
The first is to sell to a property investment company that will buy properties for cash regardless of the condition that they are in. These Maryland companies do not charge commission and there are no hidden fees. This means that the price you are offered is the amount that you will receive. This type of sale will also usually go through very quickly.
The second option is to sell through a realtor. The advantage of this is they may know of buyers who are particularly interested in buying rehab properties and that who have the funds available. The disadvantage is that they will still charge the same fees as you would pay if you were selling a home in perfect condition. They will also charge a commission on the sale. It is worth spending some time working out how much these charges will add up to as you may not receive as much as you would have hoped when all this has been taken into account.
Is There A Market For Fire Damaged Homes?
There is more of a market for fire damaged homes than you may think, particularly if you live in an area where house prices are rising quite rapidly. People will be interested in these properties because they know that they can get them for a good price and this gives them the chance to fix them up and sell them on for a profit. The amount of profit that can be made will depend on the price of purchasing the Maryland property, how much the repairs will cost and what the potential selling price will be. These types of buyers will do their homework before agreeing to a sale but it could be that your property is just what they are looking for.
Of course, you may decide that you want to carry out the restoration yourself so that you can continue to live in the property once the work is complete. Whether you decide to sell or stay, there are more options available to you than you may think.