Flooding is one of the worst things you can experience as a homeowner, and it often happens unexpectedly. Just one bad storm is all it takes to create devastating damages, and once it happens you have a very important question to answer: should you repair or should you sell?
Unfortunately, the answer isn’t as straightforward as you might hope. The truth is, several factors go into making the right decision.
Keep reading to learn what you need to consider.
Key factors to consider
Having your house flood is one of the most stressful things you can face as a homeowner. It’s hard to decide what to do, even if you have homeowners insurance.
To make your decision easier, here are three things you need to consider before choosing to sell or repair your home:
The extent of the damage
The extent of water damage from flooding can vary greatly. Sometimes it’s just flooring that’s affected, and other times, entire rooms are destroyed. The amount of damage not only affects how much you can expect to pay for repairs but also the amount of time it will take to fix.
Your financial situation
Whether you have a lot of damage or a little, repairs from flooding don’t come cheap. Homeowners typically pay between $1,000 to $5,000 to fix water damage, with the average cost being $3,000. That includes gray water extraction or repairs to drywall or ceilings.
Depending on the extent of damage to your home, it may not be worth it to renovate.
Do you have the time to wait for repairs? Depending on the damage, you may need to move out immediately, so you don’t have time to spend waiting on renovations or getting your market-ready.
So what are your options? Below are the three ways you can deal with a flooded house.
Option 1: Repair and stay
If you decide to repair and stay in your home, make sure you do it ASAP. Prolonged moisture in a home can lead to permanent damage.
On top of that, mold can form in as little as 48 hours—especially when there’s pooling water. Mold is a health hazard, and its presence can make your home unlivable, so preventing it early on is critical.
To prevent mold and further damage, follow these tips before making repairs:
- Remove personal belongings: Remove every item that isn’t part of the house out of the flooded area. That means removing furniture, clothing, storage containers, and anything else that isn’t bolted down.
- Remove excess moisture and water: Set up as many dehumidifiers as possible to remove excess moisture.
- Stay protected: Wear protective gear when you’re in flooded areas because there may be bacteria or chemicals in the water.
- Document the damage: Collect photos or video documentation of all the damaged areas for insurance claims and contractor bids.
After these steps are taken, it’s time to find a contractor—or multiple contractors—to make the repairs. For the best price and results, it’s best to shop around and get multiple bids before choosing one.
Option 2: Repair and sell
You can also decide to invest in renovations and sell. However, most buyers will immediately lose interest as soon as they find out a property has water damage. That means you’ll need to spend money fully repairing all damage—investing in some repairs won’t cut it.
It’s also important to know that the value of your home will change forever even if you completely fix all of the damage. This is especially true if you sell your home on the real estate market, where flooding is always seen as a red flag.
Even after internal repairs are made, you may need to spend even more money on your home’s curb appeal. Adding fresh coats of paint and staging your home will help make your home more marketable to potential buyers.
Option 3: Sell your home as-is
The cost of repairing a flooded home can turn into a financial nightmare, and some homeowners simply can’t afford to do it. Even if you can afford to make the repairs and sell, listing your house on the market comes with its own set of expenses.
Does that mean you’re stuck with a damaged home? Not at all.
You also have the option of selling your home as-is to a property investor like Simply. Going this route allows you to avoid spending money on costly repairs or dealing with the selling process, and instead get a fair cash offer.
Best of all, it’s not just money you’ll be saving. You’ll save a lot of time on closing, negotiations, and waiting for offers.
Save money and time by selling to Simply
Flood damage can completely uproot your life, and deciding whether to repair or sell only adds to the stress. No matter what you decide to do, you can expect to pay for high-cost repairs. Plus, if you decide to sell, your out-of-pocket expenses will go up even further.
If your house has flooded, the best option may be to sell as-is to a property investor like Simply. When you sell to us, you’ll:
- Get a fair cash offer
- Avoid paying for expensive renovations
- Sell your house fast
Besides these benefits, you’ll be working with our team of experienced real estate professionals who will guide you through the process. We’ll work hard to get you the best cash offer so you can move on and rebuild your life as quickly as possible.
It only takes 30 seconds to request your offer from Simply. Get started now!