Imagine you inherited a piece of real estate. At first, you’re excited about the prospect of coming into a windfall. You know little about the property so you schedule a home inspection to assess the home.
But the home inspector’s report shows substantial structural damage — years of termite structural damage, a shifting foundation, a 20-year-old roof, and an HVAC from the 1980s. You realize that you haven’t come into an investment, but rather a money pit. What now?
If you inherited a home riddled with structural damage, you may want to look at other options — you may want to consider selling it to an investment company.
What Does Structural Damage Mean?
Structural damage, when referring to a house, is any damage that will affect the integrity of the home. That can include anything from the foundation, the walls, and the roof. If you end up with a home with significant structural integrity issues, you could be in danger of having the home collapse.
How Do You Know If You Have Structural Damage?
The first thing to do when you end up with a home — whether it’s through probate, a foreclosure purchase, or you acquire a rental property — you’ll want a thorough home inspection. A home inspector can assess the general structure of the home. He will most likely suggest a termite structural damage inspection, as well. Those are typically performed by local pest experts.
Pest control professionals can assess for termites and any other types of wood-destroying pests. Termites aren’t the only type of pest that can create structural damage. Hiring a pest professional will give you a thorough check of any possible damage.
The home inspector might suggest a roof inspector if the roof is questionable. The home inspector can tell quite a lot, but a certified roof inspector will give you a more detailed breakdown of the damage and structural integrity of your roof.
How Much Will It Cost To Repair Structural Damage?
This is the tricky part. In most cases, structural damage is very costly. Tens of thousands of dollars can rack up quickly to repair foundations, roofs, and load-bearing walls.
With termite damage, for example, you won’t just be paying for replacing the wood in the walls, you’ll also have to repair sheetrock, re-paint, and other fixes in the process.
If your investment in the property was minimal, you may be able to do the repairs and sell it to make your money back. But it’s a balance between your expenses versus your profit. You will need to consider many factors when deciding whether to do the repairs yourself.
What Are My Options?
There is another way you can off-load a property without all the headaches. There are companies that buy properties with structural damage that you can consider working with. They buy the properties, repair them, and then sell them for profit.
But the difference is they do this often. They know how much repairs will cost. They know the right contractors to contact. In fact, they probably have their own crew.
And it’s a win for you. You don’t have to spend money on repairs. You don’t have to worry about hiring contractors or going over budget. You can sell your property to a company that specializes in buying structural damage houses.
Get Money, Walk Away
Structural damage for most people is a deal-breaker. Selling it to an investment company is a smart move. No matter what you sell the home for, you can put that money in your pocket and walk away. You will save time and stress and collect on your property in as little as a week.
If you’re interested in learning more about selling your structural damage house, check out how it works on our site.