With home prices in the Chicago area skyrocketing, people are willing to do almost anything to get a good deal, including buying a house damaged by fire. That could be a good investment because those buildings cost less and may even be negotiated to a lower price. But before doing so, you will first need to know the answers to the following three questions.
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How Deep Was the Damage?
How much damage a house has suffered can determine whether it’s worth purchasing to live in or for flipping. If the damage is only cosmetic (e.g., just the carpet and walls were scorched) that wouldn’t be too big of a deal. But if the destruction is deeper and affects the subfloors, joists, plumbing, or the HVAC, then you’re talking serious money and it might not be worth your time or effort.
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How Long Ago?
How long since the fire occurred? If the house has sat for a while needing fire damage cleanup without any needed repairs, you might want to pass. The longer fire damage is allowed to sit, the more deterioration occurs. Soot and ash are acidic and can cause irreversible property damage if not treated immediately. They can cause the metal in plumbing fixtures, lights, etc., to pit or corrode. Glass in windows and mirrors can be etched by soot, making them look cloudy and soiled. Appliances, fabrics, plastics, and vinyl windows may be permanently discolored by ash and soot.
Fire and water damage are usually linked because firefighters extinguish flames with thousands of gallons of water. Additionally, destruction from a fire can open up a Chicago area house to rain, snow, and sleet. If that water isn’t immediately removed and dried up, it can cause severe problems with mold and may weaken the foundation. Water is a solvent, so it’ll slowly erode and destroy many of the structural elements in a home if not dealt with promptly. These problems must be handled by restoration professionals who have the equipment and know-how to repair and preserve the property.
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Is There Hidden Damage?
It can be hard to tell if a house has structural damage from a fire by just eyeballing it. That’s why you need a home inspection before buying. But you should also contact ServiceMaster Restoration By Simons for a walkthrough and consultation. They’ll give you an educated idea of how much structural damage exists and a rough estimate of what it’ll cost to repair. With that information, you can negotiate a better deal to ensure a higher return on your investment.
Professional Help Increases the Value
House-flipping and restoring shows on TV make it look fun, quick, and lucrative. But the reality is that houses with fire and water damage can be a lot of work and may become a nightmare if you don’t know what you’re doing.
The best way to buy a house with fire damage in the Chicagoland area is to have ServiceMaster Restoration By Simons on your team. They’ll do the fire restoration work needed that’ll make it livable and help turn it into a profitable investment for you.