Sell or Restore: What to Do With a Damaged House

The Island Now
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Many things can cause detrimental damage to a house. Natural disasters can destroy a home in a matter of minutes. Anything from wind damage to hail damage may leave you looking at your mortgage payment while trying to decide what to do next. With all of the devastating ways that a house can be ruined, it is important to make the right decision about what to do with your home after the damage takes place. 

Sell or Restore? 

The number one question to ask yourself is whether you want to restore your home or whether you want to sell it. When it comes to making this tough decision, then there are many factors to consider, say the pro realtors from since you can consider selling the property or you can consider hiring someone to repair all of the damages for you. This decision may not come easy, but with high mortgage payments to make, then it is essential to make the right decision that will work best for your family as well as your family’s finances. Luckily there are some critical steps to take that can aid your decision-making process. 

What to Do?

Your first step should include contacting your insurance company. With homeowner’s insurance, you will want to see what is covered and how much of the damage is covered by your insurance. If you are faced with flood damage, then ideally, you have flood damage covered in your homeowner’s insurance. Once you file your claim, then you will have a better idea of what they will pay out and if it is worth keeping your home or selling it. 

Next, you will want to be sure that you apply for help from any government aid you can find. If your home was damaged due to a natural disaster such as a fire or a hurricane, then it is likely that the government has set up disaster relief funds that can greatly help you and your family. This can also assist you with your mortgage payments while you decide what to do with your home. Government aid can also be found for other types of disasters such as fires, floods, and more. If you have lost your home or have experienced extensive damage due to one of these issues, then you can likely find government relief in some way to assist you as you look for a new home or try to sell your old home. 

Contact Your Mortgage Provider

You will then want to contact the provider that handles your mortgage and let them know exactly what happened to your home and the damage incurred. This may provide you some relief with payments pending on where you live, what happened, and the actual damage to your home. They may also readjust your payments or give you some more time to make your payments as you and your family recover from this devastating loss. 

If you can’t live in your home or if the damages are too extensive, then you will want to consider selling your home. This can cause great relief to your bank account and ease your worries about paying your mortgage on a home that you currently can’t live in. After a natural disaster, there are many options that can provide you with temporary housing as you look for a new home for your family. Governments typically offer relocation assistance as well if a natural disaster destroyed your entire town. 

Image by Milan A. from Pixabay

How to Sell?

Once you have decided to sell your damaged house, then you will want to do your research in order to find the right ways to list it on the market. You can always list it and sell it yourself. Another great option is to sell it to a company that buys damaged houses and restores them for later sales. This will give you a fair price for the current value of the home while also relieving the debt of your mortgage payments without leading you into foreclosure. This can also save your credit as you won’t have to worry about paying a mortgage on a house that is no longer liveable. 

With all of the options that are available to you, don’t panic in a time of distress. Having a ruined house isn’t ideal, but it shouldn’t ruin your finances or your credit. Stay calm and find the right options for your family. You may even profit from selling your damaged house, especially if the damage is due to a fire. This can give you the opportunity to start fresh with a new house and with a higher quality of living. 

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