The Pros & Cons of Buying a Fire Damaged Home

This Old House says the very first step for prospective buyers is to confirm that the house has been deemed safe to enter by the local fire authorities. Consider hiring a structural engineer to check the floors, walls, and roofing.

A professional plumber should also inspect your pipes, as the heat can damage PVC and other commonly used plumbing materials. Determine if there was any destruction caused by the water and chemicals used to douse the flames. 

Moisture is hard to get rid of completely and can foster mold. It can also cause erosion of vital home components like wood and concrete. Be sure that your inspectors go over the entire structure with the proverbial fine-toothed comb. 

Once you’ve discovered the full extent of damage, now is the time to get repair estimates from a highly rated restoration company. The cost will depend on the severity of the damage, how much square footage of the home is compromised, and what steps will be needed to bring the home back to habitable. 

It’s wise to schedule consultations with several local companies to get a good idea of the normal price range for these kinds of damage mitigation projects. Estimates can vary wildly depending on many factors. 

Another thing to keep in mind is that many building materials are difficult to get right now due to the pandemic. Shortages in materials like lumber, concrete, and plastics will cause an elevation in price and possible delays. 

Savvy house flippers frequently search for properties in this condition; when they’re repaired and restored correctly, they can lead to a huge ROI because they're often undervalued on the housing market.

If you’re aiming for a successful flip with a fire-damaged home, then an in-depth inspection before purchase is an absolute must. Before making an offer, you should confirm that all insurance claims have been handled and there won’t be any nasty surprises. 

Are you a first-time flipper? The experts at HGTV offer up some key advice, like bringing an experienced contractor along for the ride when taking your first tour of the property. They also recommend leaving larger jobs like electrical systems and plumbing to the pros. 

If you're looking for an affordable home, consider buying one of these fire-damaged properties. It might be a wise investment when you compare the costs of professional restoration to buying a place that's move-in ready.
Plus, renovating a home gives you a chance to personalize and showcase your personal style.

Once you’ve collected estimates from your local restoration companies, it's time to select your provider. The businesses with the lowest estimates might be your top considerations, but don't rely on price alone. Do your research. Speak to your friends and neighbors - a great word-of-mouth recommendation is worth its weight in gold. 

True professionals in your area will have plenty of excellent reviews and up-to-date references, as well as examples of their previous work. Take the time to consider each bid carefully. Check for proper licensing and make sure the firm is properly insured. 

You deserve only the best results, so don’t rush to hire just any contractor to do the work. A specialized company with loads of experience in this field that will deliver top-quality results is worth any additional costs. 

Potential homebuyers are usually on a strict timeline. Relocating families need to keep the school year in mind. And no one wants to have to make double mortgage payments. 

A dedicated team of mitigation experts will include a schedule along with their estimates. If you want additional updates that are not fire-related, this will impact the amount of time before the home is ready to be sold or occupied.

It’s easy to be overwhelmed by the thought of rehabbing a damaged home, especially if you’ve never tackled something like this before. Lifehack blog Budget Dumpster, in their Ultimate Guide to Planning a Home Renovation, offers up valuable tips on building your overall plan, including how to create a strict timeline and stick to it. 

They suggest leaving plenty of time for demolition, cleaning, and waste material removal. It’s always smart to build yourself a cushion in case anything goes wrong, which it usually does. Complete major structural projects, like the roof, foundation, and electrical system, first.

A big project like purchasing a fire-damaged home is a huge undertaking. It's vital to do your research and document everything. You and your family could end up saving a ton of money if you know what to look for and how to identify a great investment.