The U.S. Fire Administration reported 541 fire incidents in New Jersey in 2019. On top of the injuries and casualties, there’s also the property damage that, depending on your insurance coverage, may cost more to fix than it’s actually worth. So where does that leave you and your household?
You have several options on what to do moving forward with fire-damaged property. While it is possible to have it repaired, there are also other alternatives that can help you start from scratch and move forward from the devastating effects of the fire. Here are a few of your options.
Contact Your Insurance Agent
Most homes are covered by homeowners’ insurance. While it’s not required in New Jersey, those who have purchased property through mortgages are often required by lenders to have insurance. It’s also strongly recommended in case of incidents like fires.
If your home has had a house fire, contact your insurance company. They can look into the incident and provide you with a payout that can help you and your household start over. Whether you use that money to rebuild your home or start over is up to you.
Repair Your Property
If the fire damage is minor and can be covered by your insurance policy, you have the option of repairing it and continue to live in the property. Having fire safety measures in place like smoke detectors and fire extinguishers can minimize the damage caused by house fires. For some insurance providers, these can also reduce your insurance premiums as your home is prepared for any fire incident.
The issue of repairing your property is when it costs more to fix than your insurance coverage will provide. If the house fire has reached the point where it has caused significant property damage and you’ve lost most or all of your belongings, it may be more practical for your household to use the coverage to consider relocation instead of repairing the damage.
List Your Property on the Market
Should you decide to relocate, it might be better to get the property off your hands as it can incur costs like property taxes and HOA fees if you continue to own it. The most popular way of selling a house is to list it on the real estate market either on your own or with a real estate agent. On average, homes in New Jersey can take around 42 days to receive an offer. However, factors like demand, location, and the state of the home can affect how fast your home receives an offer and closes.
Leaving your home as-is can reduce the costs incurred during selling, but it can have certain drawbacks. One is the fact that many buyers are looking for homes that are ready for occupancy. If buyers have to shoulder the cost of repairs, expect that they’re unlikely to give market value offers for your home. Even buyers that want to buy your home may be unable to, as lenders are less likely to approve mortgages for properties in poor condition.
If you decide to repair your home before listing it on the market, keep in mind that you can only spend a certain amount before the costs become more than what you can hope to gain in a sale.
Need to Learn More?
Want to sell your home fast without the costs of repairing property damage? Selling to a cash home buyer in Middlesex, NJ can provide you with the best of both worlds. At Quick N Easy Offers, we can provide fair cash offers for fire-damaged homes. You don’t have to wait over a month for an offer – skip the listings and contact us directly, and we can give you an offer within 72 hours after your scheduled property viewing.
At Quick N Easy Offers, we understand the difficulty of moving forward from a disastrous house fire. Let’s minimize your costs and maximize the cash you can receive to start over when you relocate and get rid of your unwanted property. We’re here to help you make the home selling process much easier and help you turn over a new leaf with less hassle and costs on your end. Contact us today to learn more about what we can do for you.