Major Home Damage: Navigating Recovery with Confidence

When your home is damaged by a catastrophic event, it can be overwhelming to decide what to do next. Should you repair the damage, rebuild from scratch, or sell the property and move on? Each option has its own set of challenges and benefits, and the right choice depends on various factors including the extent of the damage, your financial situation, and your long-term plans. In this article, we'll explore some considerations to help you make an informed decision during this difficult time.
 

Don’t leave money on the table! Your home may be worth more than you think!

After your home is damaged, you might wonder about its value and possibly consider selling “as-is” or for “land value.” These value estimates are complex and require professional expertise. Working with an expert or professional can provide you with valuation options and help you determine the best course of action if selling is your preferred choice.
 

What if you don’t want to walk away?

For many, leaving your home and community after a catastrophic event isn’t an option. So, what other choices do you have? Homeowners can stay and remodel or go through the remodel process before selling. If this is a possibility, we encourage you to speak with a Realtor about which improvements will help bring top dollar. They will also explain how to properly disclose and address concerns about prior damage with new buyers to save on liability issues later.

Important Note: For homes that incur damage and are located in Coastal High Hazard areas, FEMA requirements may necessitate bringing the home up to current building codes, which could involve costly elevation. A real estate agent can help you understand your community standards and the cost of mitigation.
 

Considering selling to an investor?

In times of tragedy, unethical investors might offer well below the home’s worth, do minimal upgrades, and make a large profit. Their gain is determined by how much of your equity they can convince you to give up. Don’t go at it alone! Protect your investment by hiring a professional real estate brokerage. You deserve representation, and a real estate agent can stand beside you ensuring you have the best guidance to avoid scams.