Sell Now or Later? Advice for Selling A Tampa Hurricane Damaged Home

October 04 11:15 2017

St. Petersburg, FL – October 4, 2017 – When disaster strikes, it can shake a lot more than the foundation of your home. Many homeowners, especially those who have not survived tropical Florida storms before, worry that hurricane damage may impact their ability to turn a profit on their home. 

Selling a hurricane damaged home can be tricky. The right decisions early on help to mitigate any potential negative impacts on your ability to sell. We reached out to St. Petersburg, FL Realtor Leisa Erickson for answers on how to turn a profit on your Florida hurricane home. 

1. Should I Repair or Sell As-Is? Any emergency repairs that threaten the stability or livability of your home should be made right away, even if you do not plan to have the work completed yourself. When determining if you are going to repair your hurricane damaged home or sell as-is, there are several questions you need to answer first.  

  • What level of repairs are needed?
  • Can I afford to repair?
  • How much can I sell my home for in current condition?
  • How much can I sell my home for if repaired?
  • How much are repairs likely to cost?
  • Does my mortgage require me to make repairs? 

Once you have the answers, then you can start to determine when is the best time to sell your home. If you do not have a mortgage, and the cost of repairs will be vast compared to the reduction in price for an as-is home, then that may be the best option for you. 

You should also consider the length of time your home will be on the market, which is likely to be much longer if sold in an as-is state. You will only be able to attract cash buyers, since most mortgage companies will not approve a loan on a home that does not pass inspection. 

2. How Long Should I Wait to Sell? Selling your home right away is typically not the smart option. If your home has suffered extensive damage, it could take a year or more for the stigma to subside. 

One exception to this would be if your home is located in an area that received far less damage than local properties. In this instance, if your home is not susceptible to flooding in an area where it can be relatively common, such as the majority of Florida, it can be viewed as highly valuable to other local residents looking to relocate to higher ground, allowing you to move much more quickly and with a lower level of repairs in some instances. 

3. How Can I Improve the Value of My Offer? Selling your hurricane impacted home requires a bit of creative thinking. There are many ways to improve the actual and perceived value as you prepare to sell your Florida home

Homeowners can offer bonus add-ons, such as home warranties, guarantees, or cash bonuses to make the offer more attractive. Providing extras along with the home, such as washer/dryer, surround sound, golf cart, or a boat, while not increasing the home value, can make the offer more attractive to a buyer who may be on the fence. 

St. Pete Realtor Leisa Erickson also recommends including pre-hurricane images in listing photos to give buyers a true feel for the home’s full potential. If you include images that are not reflective of the current state of the house in a listing, you will need to indicate that. 

Final Thoughts on Selling Hurricane Damaged Florida Homes 

  • Make Emergency Repairs even if you plan to sell without full renovation to protect as much of your investment as possible.
  • Carefully consider all of your options. If you need help, speak with a qualified St. Petersburg Real Estate Agent to assist you with determining the best option for you.
  • Consider add-ons to increase property attractiveness.

Media Contact
Company Name: Leisa Erickson & Associates Realtors
Contact Person: Leisa Erickson
Email: [email protected]
Country: United States