Things To Know About Buying Burned Property
Fire-damaged property for sale may be an excellent bargain, but you have to know what you are getting into. Fire damaged property almost always needs some type of repair or rebuild. This may be the case even if the land or structures seem to be in good condition. However, if you are prepared, then you may find buying a fire-damaged property may be a good deal. Here are a few things to think about before buying fire-damaged property.
How Much of the Property Burned?
A property where only a part of the home burned down will likely need less work than one where the entire land and home burned. The more fire-damaged the property, the more work and time it will take to make the place livable and usable again.
What Other Structures Are Intact?
In some cases, only part of the land or only the house has burned down, but the rest of the property and the exterior structures are untouched. Your main focus would then just be on creating a new home, if needed. You would still be able to use or modify the rest of the property as intended.
What Permits Do You Need?
If your property has been thoroughly burned, then you may want to start over from scratch as if it was raw land. However, if you do this, then you will need to go through the complete permitting process again. You could need new permits for electrical and water hookups as well as permits for re-grading and re-building.
Is the Property at Risk for Flooding/Landslides?
Fire often damages plants and structures that absorb or hold back rain water. Even if your area is fairly dry, you may still be at risk for flooding or a landslide after a fire. To reduce this risk, you will need to take extra measures to shore up your property like building walls to hold up the mud.
Are the Utilities Still Intact?
Many people find the main advantage of buying burned property is usually the utilities are still intact and working. Even if your utilities are still connected or nearby, you will need new permits to connect to new buildings. You may also need new septic or sewer hookups.
Just like any other property for sale, buying a burned property requires knowledge and preparation. Some fire-damaged properties are more work than others. If you are interested in buying a fire-damaged property, then get the help of a good real estate agent to get you started.