It’s not fun to deal with a fire or smoke damaged home. However, here’s what you should know about the situation.
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What to do if your home is damaged by fire and/or smoke? The good news is you have options. Here are four of the most common:
What to do if your home is damaged by fire and/or smoke? The good news is you have options. Here are four of the most common:
1. Check your insurance policy. You have to understand what your policy covers and what it doesn’t. It will likely cover the structure as it was, not how it is currently. It may even cover the items you lost in the fire, as well as demolition expenses. If you can’t find your insurance policy, contact your mortgage lender and start there.
2. Keep the lot to sell later on. If you choose this option, you will also need to have liability insurance in place.
3. You can just sell the home or property. I don’t think this would be the best idea, but it is an option.
A lot is desirable in many markets.
4. Talk to a trusted agent or broker for professional advice. You need to figure out what the lot is worth and what kind of market you're in. A lot is a desirable asset in many markets, but not all of them.
If you have any questions or concerns, don’t hesitate to reach out to me by phone or email at any time. I would love to hear from you.
