If you are a homeowner and your home has been flooded, you may be wondering whether you should sell your house or repair the damage. Both options have pros and cons, so it is important to weigh them carefully before making a decision.
Flooding is a scary event no matter the size of the flood. For many, it can be overwhelming to decide what to do when their house floods. Sort answer is… that’s up to you! In this blog post, we’ll discuss all of your options so that you can make an informed decision about how to proceed after flooding damages have occurred in your home.
How To Decide Whether You Should Sell Or Repair
When your house floods, it’s important to take a deep breath, but do not take it that easy, this is a time sensitive decision, so it’s crucial that you start making decisions as quickly because the more time passes the more damages there will be.
The first thing you should do after your home has been flooded is to stop the flooding. The source of the flood doesn’t matter as much as stopping the water from getting into your house and causing further damage. If you have standing or murky brown water in your home, call a professional to come out and pump it out.
Once you’ve stopped the flooding, it’s time to start making decisions.
Repairing your home after a flood can be a lengthy and costly process. The second thing you’ll need to do is contact your insurance company. When you speak to them, they’ll help you determine if the damage is covered under a standard policy or if it’s an excluded event such as flooding. Which in most cases you need to have extra coverage to cover flooding.
Unfortunately if you don’t have extra coverage for flooding , you may be in trouble because now your insurance company is not required to help pay for any of the damages.
If there are no damages covered under your standard policy, then that means that you will need to cover 100% of all expenses on your own. These types of repairs can get very expensive and could put a huge dent into most people’s wallet especially if they aren’t prepared financially for this type of event. So it may just make sense to sell at this point .
Evaluate the damage
If the insurance company covers the damages or not. It is important to get an idea of how bad the damages are. Many cases the water may be still running inside the walls or the floor without you noticing, which means it will get expensive to repair fast.
Get professional help, so that you can have an idea of how much it is going to cost. You do not want mold or mildew building on anything because this could lead to further health problems down the road.
Once you have this information, you can start to make a more informed decision on whether you should sell or repair your home.
Sell or Repair?
You may be wondering: should I sell or repair? It is a tough question to answer, but we’ll try to make it a little bit easier for you.
If your home is damaged and the damages are not covered under your insurance policy, then it is going to be incredibly expensive to repair your home. You may find yourself spending tens of thousands of dollars on repairs, which is more money than most people have lying around.
In this case, it might just make sense to sell your home and start fresh somewhere else. It may seem daunting, but in the long run, it could be the best decision for you and your family.
You can start making this decision by taking a look at your finances and see where you stand financially so that you have an idea of whether it makes sense for you to sell or if repairing is the way to go. Depending on which way it balances out more in cost will give you an idea of what direction makes the most sense financially.
Now we’ve gone over several different scenarios but if you are in a position where making expensive repairs is not an option now might be a great time to sell so that you can recoup some of your losses from selling quickly.
Can I sell a flooded house in the market?
Who may be interested in buying a flooded house? that is a really good question, you may be asking yourself Who would be interested in buying a house with flooding damage?
There wont be a lot of buyers that might be interested in buying a damaged property, which may lead to mold problems in the future. Specially if you think about listing your house in the Market… Well you are right, this wont be a good choice, however you have options to sell your property which is flooded.
There are some Buyers that might be interested in a property, specially if it’s a fixer upper. So you will need to list your house as a damaged property, and this will require more work on your part to sell it.
You may want to consider working with a Realtor that specializes in damaged homes, they will have more knowledge on how to sell your home in this situation and might be able to get you a better deal.
Bottom line is, selling a flooded house can be difficult but it is not impossible, you are still in a position where you can improve your situation.
How can I sell my flooded house?
if you do want to sell the house and avoid making any repairs at all your best option would be to contact a Professional Real Estate Investor will buy your house with flood damage hassle free, so that you can move on with your life.
There are many Benefits of working with an Investor, First is the fact that they will buy your house in any condition. Also we purchase houses fast and do not hold you up on repairing or remodeling, which can save you a lot of time and stress on your part.
If you have any question or you would like a free no obligation offer, just fill in the form below, we will be contacting you within 30min
Go To House Buyer does not provide legal, tax, or investment advice. This material is for informational purposes only. It should not be considered as investment advice and may not be used as a basis for any financial decisions. Please seek advice from a professional in these areas before making a decision.