Buying A Fire Damaged House

There are many things to consider before buying a fire damaged property. Fire damage restoration can be quite costly because often a specialist has to be hired to assess the damage and do the cleanup. Furthermore, getting financed to buy a fire damaged property can be quite difficult, unless one is able to qualify for a construction loan that will also include the cost it would take to do the fire damage cleanup.

Here are some often overlooked considerations to take into account before buying a fire damaged property:

1. There may be a significant amount of water damage to the house. Firefighters most likely soaked and saturated much of the wood construction including flooring and roofing. Water damage will cause significant problems including mold and structural damage. Mold, in particular, can be quite costly to clean up.

2. The smoke from the fire could also leave a very sticky residue that can be difficult to clean up and an odor may linger in smoke-saturated construction for years. Often the smoke residue is invisible, so fire damage repair is even more difficult, and yet another specialist has to be brought in to assess the damage. The smoke odor may also be temporarily masked and could begin to seep out weeks, months or even years down the track.

3. There may be a large amount of damage to the electrical and plumbing systems. In addition to the cost of rebuilding, re-wiring and plumbing will most likely have to be redone as well.

4. The cost of the cleanup will need to be assessed and taken into account, along with the asking price of the property. Unless the seller is able to meet the buyer halfway, buying a fire damaged house could be almost as costly as buying a property that is not damaged by fire.

The most important point is to make sure the buyer has a clear understanding of the amount of clean up and the cost involved when buying a fire damaged property. While the asking price may look attractive on paper, the additional time and financial commitment to make the house livable may be more than many are willing to undertake. With that being said, if a person is able to negotiate with seller on the fire damage clean up costs, pay in cash, and has significant experience in fire damage restoration, then this could be a wise decision.