Water Damage? Sell Your Home Fast or Fix It?
Recently we have seen that water damage is a real and scary situation. Our hearts and thoughts have been constantly going out to those affected by the storms in Texas and Florida. Once you have determined that everyone is safe you may start to think about how the water damage will affect the marketability of your home. It is especially difficult because you usually don’t have the time or ability to fully prepare for flooding, be it from a hurricane, flash flood, or from a massive pipe bursting.
The very first thing you need to consider when you are threatened by flood though is your own safety. For tips on what to do during a flood please refer to Ready.gov’s article “Floods”.
After you have secured everyone the first 48 hours are after flood damage are incredibly important.
- Create a list of all your damaged property. Use FEMA’s worksheet here.
- Immediately call your insurance company. They will want pictures of all your damaged items, especially the high ticket items. Don’t leave anything left for doubt.
- There are certain items that can be saved. Things such as real wood, clothing, and ceilings may be able to be saved while others such as particle board or drywall will be more difficult to salvage. For specifics contact a licensed contractor for information.
- Don’t forget to contact your insurance company in regards to your vehicle, if that too has been damaged.
Repair, Repair, Repair
If you have decided after doing your research that you are ready to sell your home you have 2 real options. The first is to repair everything water damaged. Water damage is something you will likely still need to disclose to any potential buyers but you can completely repair the damage giving your buyers more confidence. If your home even APPEARS to be water damaged you risk having a buyer walk out of your home without even considering buying it. Yes, water damage can be intense but it is fixable. Perhaps you’ll only need to replace some drywall.
As-Is Cash Sale
The other option is to consider selling your home as-is. This process is almost always less expensive and faster than repairing your home to list. Selling for cash might be a better option for you if you don’t have proper homeowners insurance OR the cost of repairs is extraordinarily high. Be cautious about building or even repairing without a permit as well. This can often turn into a bigger expense, read more in “Selling Your Home for Cash vs. Building Without a Permit”.
If you have further questions and want to discuss how we are able to help or provide resources for someone who can in your area please contact us today.