What do you do if your home has been flooded and you still want to sell your property? While it might seem like a lost cause at first, there are steps you can take to get the home back into shape and then sell the property. In addition, it is always possible to sell the house as is to investors or those who want to make repairs on their own. Let’s look at what you need to do in the event your home has been flooded.
Document the Damage
After the flooding, the first thing you need to do is document the damage that has occurred. You need to make sure the home is safe, first of all. Check for any sort of structural damage, as well as issues with live electrical wires. It is safest to have a professional check out the home before you enter.
Once the area is deemed safe, you will then want to document the damage with photographs. Be sure to take digital photos, as it will be much easier to save them and share digital copies. Do not make repairs until you have documented all of the damage with photos.
In addition, you need to make a list of everything that was destroyed, and determine the value of those items. This includes the actual damage to the home’s structure. Once you have documented all of this information, you can then file an insurance claim.
File Insurance Claim
It is important to keep in mind that certain types of damage, including flood damage, are not typically covered with a regular homeowner’s insurance policy. If you do not have separate flood coverage, and the water damage is deemed to have come from a flood, you will not be able to file a claim. Those who do have flood coverage, will be able to file their claim.
You want to notify your insurance company of the flood and the damage as soon as possible. Discuss with them what your policy will cover, and then let them know what types of immediate repairs you will be doing to the property. The insurance company will then let you know whether you should wait for an adjuster who can come and inspect the property before those repairs are made.
As you can see, it is essential that you have flood damage for your property. This is especially true if you live in a flood plain or any area where there is the danger of flooding. Even if the area has never flooded before, it could still be a good idea to have this type of coverage.
Cleanup
After you have taken the photographs and spoken to the insurance company, you can start the cleanup of the property. If there is still water, you can use a pump to remove it. You will want to remove all of the items that have been damaged and destroyed. Beware of mold damage, as well. You must make sure it is removed, or it could cause further problems later. Once you have everything cleaned up, you will be able to get a better sense of what you should do with the property.
Consider the Options
Now, you need to determine what you should do with the property. If you are going to sell the home, you will need to consider just how much it will cost to repair and whether it is worth making those repairs or selling it as is. To determine this, you will need to consider several different factors.
Post Flood Value
One of the most important things to keep in mind is the value of the property after the flood. Even if you were to do a substantial number of repairs to the property and get into better shape than before the flood, there is still the stigma of the flooded home. This means that the post flood value of the property is going to be lower than comparable homes that have not suffered from flood damage.
FEMA Repetitive Loss
If you have suffered from a flood loss in the past, FEMA’s Repetitive Loss plan can help. The Severe Repetitive Loss grant program can provide funding that can eliminate or reduce the long-term risk of flood damage to structures that have suffered through several losses over the years. To qualify, they need to have made four (or more) separate claims that are at least $5,000 each, or two or more claim payments that include only the building payments if the total of those payments is greater than the current value of the property. They need to have been made within ten years of one another.
In some cases, the grants could be used for flood-proofing, or to buy the structures and turn them into an open area.
High Repair Costs
When it comes to repairing flood damage, the costs are going to be extremely high. The cost of repair could, in fact, be so high that it does not make sense for you to go through with the repairs, as you would not be able to recoup those losses when selling. In addition, there is the Houston Flood Permit to consider. If the home is in a flood plain, depending on the type of damage and the extent of the damage, you may need to have a permit. If the cost of repairs exceeds $10,000, then you will always need to have a permit.
Selling As Is
In many circumstances, you will find that it is simply not worth the money and effort it will take to repair. You may instead choose to sell the property as is, especially if you just want to get out of the home. While you will not make as much money on the property, you will find many investors who are willing to purchase the property and then fix up the place on their own. Always look at the overall costs of repairing on your own and simply selling. Choose the option that’s best for your finances.
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