When our power was restored after the outage caused by Hurricane Gustav, a fire started in our attic.  The local fire departments were on the scene quickly and managed to save the home.  Thankfully, there was noone injured as they fought the fire and we were not home when the fire started so my wife and I were not injured either.

The experience leaves one feeling violated but we've since secured a home to live in while our home undergoes the necessary repairs.  The roof will have to be nearly entirely replaced as well as many interior walls and ceilings.  Mold has started to grow and we're planning to hire a mold remediation contractor in ensure that no mold remains when we finally move back in.  A restoration company has removed our belongings and is in the process of trying to recover them.  We believe that we are adequately insured and that our home will be restored.

That brings me to my inquiry.  Obviously, the fact that a fire has occured will have to be disclosed to potential buyers should we decide to sell this home.  In my experience as a Realtor®, there is a negative impact upon the marketability of a home which has sustained fire damage even if that damage has been repaired.  Is anyone aware of any studies done which will help to quantify the impact?

 
Post is included in group: Louisiana Lagniappe
Post is included in group: Louisiana Real Estate

7 Comments on Inquiry - Impact of Fire on Home Value

OCT
09
2008
356,334 Points 16 Featured Posts Outside Blog

Don - I just recently posted a similar type of a blog about this issue. Personally, I think that there will be buyers who will not buy a house that had a fire (no matter how much better the home might be after the fire). I too would be interested in knowing if there are any "official" stats. I'm glad everyone is OK. ~Rita

12:52pm • #1

Good luck to you. I am sure at some time you will be able to sell your house. I think the key will be that you can document that all damages have been repaired.  Bonnie

1:13pm • #2
Hit Router

The key is to disclose and have documentation of everything that was done. Some buyers may shy away from it. I sold a house a few years ago that had had a fire. The house was basically a new house when all the work was done.

1:27pm • #3

Im interested in seeing more information on this as well.

1:28pm • #4
226,658 Points 1 Featured Post Outside Blog

I am not a ware of studies but I think it gives a BIG hit on the price.

1:30pm • #5
NOV
20
2008

Don, I'm so sorry to hear about the fire.  This can't be an easy time for you, and if you need anything, just call, really!  Personally, if I were buying a house with fire damage, I would be most concerned about the mold, which I guess came from water used to douse the fire.  For people like me who are extremely allergic to mold, being certain that it is has been completely eliminated is most important.  Good luck to you, and I hope you will have a happy thanksgiving holiday.

6:16pm • #6
JAN
21
247,906 Points 1 Featured Post

Another great post. I don't know of any studies but fire usually dosen't hurt to much over here.

12:33am • #7

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Don Stern ~ Greater Baton Rouge Real Estate

Baton Rouge, LA

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Coldwell Banker Mackey

Address: 16260 Airline Hwy., Suite C, Prairieville, LA, 70769

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