The Property Sourcing Company

PROPERTY TO RENOVATE: FIRE & WATER DAMAGED

When looking for property to invest in, one type of property that is often overlooked is water and fire damaged homes. As they are often undervalued, they can provide you with high return on investment, as well as a nifty investment opportunity. 

But what exactly do you need to know before buying a fire damaged house or a water-damaged house? What are the warning signs? And how can we help? 

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WHAT IS FIRE DAMAGE IN BUILDING?

Before we look at purchasing a home that has been damaged by fire, we are going to have a look at the type of damage that fires can cause. Fire damage in a building can be divided up into primary and secondary damage. Primary damages include any visible evidence that a fire has taken place. This involves soot and charred materials. Secondary damages extends to damages that can spread through the property undetected, such as water and smoke. 

WHAT TO KNOW ABOUT BUYING A HOUSE WITH PREVIOUS FIRE DAMAGE

Buying a house with fire damage is a great way to score yourself a deal, regardless of whether you are a first-time or seasoned investor. However, before you go jumping feet-first into your new investment, there are a few things you will need to know about purchasing a fire-damaged property…

When you buy a home with fire damage you will need to survey the damage caused. The property may not look how you expect it to, there could be smoke and water damage to look at, as well as damage to the structure of the house.

You will also need to be wary of the chemicals that the firefighters may have used to distinguish the fire. Should those chemicals accidentally leak into the air duct, it can result in serious issues with the air quality. Because of this, it is a good idea to have the air ducts professionally cleaned before anyone moves in.

If the current homeowner has already made repairs to the property, it is a good idea to have it professionally inspected to ensure that the repairs performed were up to code.

Start your property journey today

Start your property journey today

WHAT ARE THE DAMAGES CAUSED BY FIRE?

When it comes to damage caused by house fires, it can be categorised into three types of damage. These are flame damage, smoke damage, and 3rd party damage. Each type of damage brings with them its own issues and challenges, below we take a deeper dive into each of these damages and the problems they can bring: 

Whilst there are three main types of fire damage, there are many different types of flame damage. The type of flame damage your property has will depend upon the cause of the fire. If a flame were caused by a naked flame such as a match or a candle it will have a different effect than an electrical fire would. 

Because of this, it is important that you choose a restoration company that understand the different type of fire damage and the steps that need to be taken to correct the damage. If you do not have your fire-damaged house restored properly it can result in much larger problems later down the line, such as hidden structural and electrical damage. 

Smoke damage is another aspect of fire damage that can remain in the building for weeks or months after the fire has been put out. In the same way that smokes sticks to the clothes of someone who has been to a BBQ or a bonfire, the smell of smoke can stick to the walls, flooring, and ceilings in your home, as well as smoke having the ability to discolour surfaces in your house, and is tough to clean. 

Whilst you may be mistaken for thinking that fire damage is as simple as smoke and flames, fire damage actually covers a whole host of other issues, classed as 3rd party damages. An example of this is water damage. As firemen use water to put out the flames, this water can then be absorbed into the walls and flooring, causing water damage, dry rot and plaster falling off. As well as this, any water and chemicals that were used to help distinguish the fire or caused the fire will need to be disposed of. 

The heat from the fire can also cause damage to your walls, leaving cracks and holes. These holes are not only a structural issue, but also an access point for bad weather. It is important to get these holes checked properly as if left simply filled in, they can make the property structurally unsound. 

What to look out for when you buy a fire damaged house

Now we understand more about the types of damage that a fire can leave in its wake, it is time to take a look at what you need to be wary of when buying a fire damaged home. 

When purchasing a fire damaged property, you will need to keep an eye out for signs of structural damage. It is important to make sure any load bearing walls have been given the all-clear by the structural engineer.  

Another aspect that will need seeing to is the copper or PVC piping. The plumbing can often suffer damage during a fire, so it is important to have these checked to avoid problems further down the line. 

 As we have already mentioned, when buying a fire-damaged home to invest in, smoke damage is a pesky problem you may have to deal with. The stains and smell that smoke bring with it are something you will need to get looked at by a professional. 

If the property that you are looking at purchasing for investment was constructed before 1989 then you will need to get an asbestos inspection to make sure there are no risks to health.

Whilst water may not be something that you typically associate with fire damage, however, it can end up doing almost as much damage as the fire itself. Water damage can bring with it mould, water-logged walls, as well as structural damage. 

PROS AND CONS OF BUYING A FIRE DAMAGED HOME

As with any house purchasing decision, investing in a home after a fire occurs comes with both pros and cons. Below we break down some of the common pros and cons you should consider when buying a fire damaged-house: 

Pros

One of the pros of buying a house renovated after a fire is that they are often cheaper. These types of houses are often undervalued, so as a result you could find yourself with a higher ROI (return on investment) due to their lower price. 

If the home is unfurnished, then you may be able to make the repairs for less. If the house fire restoration and repair costs are going to be an extensive operation, then you can use this as an opportunity to redesign the interior of the property. 

Cons

As we have already mentioned, there are many things to be wary of when purchasing a house with fire damage. Structural damage, fire damage, smoke damage, plumbing damage, and 3rd party damage are all aspects you will need to be cautious of. 

Because of this, it is important to have your home properly inspected. This way you will be well aware of any potential issues that the house may bring.

How to keep fire damage restoration effective?

If you are buying a house with previous fire damage, then it is a wise idea to take steps to protect the entire house as well as the restoration work that has been completed. Whilst it is impossible to make a home 100% fireproof, there are steps that can you take to minimise the risk of it happening again: 

  • Make sure that you and your tenants know where your utility shut-off points are and how to use them
  • Ensure that any electrical machines or items that you apply with the property are properly maintained and serviced 
  • Make sure your tenants keep high-risk areas clean and clear 
  • Ensure that your fire suppression systems have the desired reach and are functioning correctly 
  • Create and maintain a fire escape plan so that your tenants may exit quickly and safely

Buy property to renovate through us!

Buy property to renovate through us!

RENOVATING A HOUSE WITH WATER DAMAGE

As we have already mentioned, water damage is an aspect of buying a fire damaged home that is rarely talked about. It is important to know the signs and symptoms of water damage, as if you are purchasing a fire damaged property it is an outcome you may have to deal with.

What are the signs of water damage?

If your potential investment property is suffering from water damage, you should seek professional treatment for the property to avoid more damage to the property. Below we are taking a look at some of the signs that you have a property that is suffering from water damage:

Damp smell

Whilst the majority of the signs of water damage are visual, this is not always the case. One of the biggest warning signs that you may have a damp or water problem is a smell of mildew or damp. If you can smell mildew in your property, you should get a professional out to investigate further. 

Swelling in the walls

If you can see swelling in the walls, then you may have some bother. This is often a very tell-tale sign that you have serious damage from water. If you can see swelling or buckling in your walls, this will mean that the drywall or wood has absorbed a lot of water.  

Water stains

Last but not least is the presence of water stains in the property. If you find a water spot, you should trace the source back and determine how severe the issue is. 

What does more damage water or fire?

Whilst a fire has more of an obvious effect on a property in terms of damage, water can bring with it its own challenges that often end up rivalling the effects of the original fire. 

Whilst fire damage brings with it smoke, structural damage, hazardous air quality, and more.  Water damage on the other hand can also destroy structural integrity and can eat away at floors and walls, leaving you with a hefty repair bill.

A fire is worse, however, water damage is still incredibly destructive and can be an expensive fix.

Whilst many investors may turn their nose up at the idea of purchasing a property that has suffered from water and fire damage, these properties can prove to be a smart investment when in the right hands. If you are looking to get started in investing or are looking to expand your property portfolio further, we may have the solution for you! 

OTHER PROPERTY TO RENOVATE

Looking for a repossession property in need of renovation? Maybe you want to flip it for a quick profit or perhaps turn it into a property you can let out, whatever the reason, we can find you a great deal.

Often found to be low value with great potential, structurally damaged homes could become a perfect investment for any keen, experienced or beginner landlord. Find out more about structurally damaged homes below 

When looking for property to invest in, one type of property that is often overlooked is water and fire damaged homes. As they are often undervalued, they can provide you with high return on investment, as well as a nifty investment opportunity. 

When looking at investment opportunities, inheritance is one that crops up for most people at one point or another. Whilst you can move into your inherited property or sell it, you could also rent it out for a profit. 

We can source you properties across the UK!

We can source you properties across the UK!

EXAMPLES OF PROPERTY INVESTMENTS

Have we got your interest? Well, how do you know that we’re going to provide great deals? Just take a look at some of our recent sales in the area, they speak for themselves!

Want to see more of our deals? Check out our recent deals.

Want to see more of our deals? Check out our recent deals.

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Scunthorpe, DN16

House, Semi-detached Freehold

25% BMV

Yield

8.3%

  • Freehold
  • Driveway
  • Rear garden
  • Close to local amenities and transport links
  • Could achieve £700 – £750 pcm
  • Vacant upon completion
scunthorpe BRRR

Buy Refurbish Rent Refinance

Scunthorpe, DN16

House, Semi-detached Freehold

25% BMV

Yield

8.3%

  • Freehold
  • Driveway
  • Rear garden
  • Close to local amenities and transport links
  • Could achieve £700 – £750 pcm
  • Vacant upon completion
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AirBnB

Bakewell, DE45

House, Terrace Freehold

22.1% BMV

Yield

15.2%

  • Freehold
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  • £51,000 per annum gross rental
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  • 70% predicted occupancy
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Bakewell AirBnB

AirBnB

Bakewell, DE45

House, Terrace Freehold

22.1% BMV

Yield

15.2%

  • Freehold
  • Grade II listed
  • £51,000 per annum gross rental
  • £200 nightly average
  • 70% predicted occupancy
  • RICS £420,000 in current condition
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Refurb to Flip

Tadley, RG26

Bungalow, Detached Freehold

45% BMV

Exit Profit

20%

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  • Strong demand from owner occupier
  • Great transport links
  • 50 Miles from London
Tadley RtF

Refurb to Flip

Tadley, RG26

Bungalow, Detached Freehold

45% BMV

Exit Profit

20%

  • Freehold
  • Refurb opportunity
  • RICS value £300,000
  • Strong demand from owner occupier
  • Great transport links
  • 50 Miles from London

Buy To Let

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House, Terraced Freehold

24.3% BMV

Yield

10.8%

  • Freehold
  • 4.1 Miles to Bradford City Centre.
  • 1.5 Miles to M606 & M62.

Buy To Let

Bradford, BD12 7DE

House, Terraced Freehold

24.3% BMV

Yield

10.8%

  • Freehold
  • 4.1 Miles to Bradford City Centre.
  • 1.5 Miles to M606 & M62.
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WHY SHOULD YOU INVEST WITH US?

While our investors database is great perk of our service, our team are the real reason you should buy your next investment property through us.

Without their extensive knowledge of BMV property, we wouldn’t be able to source you generously discounted deals, nor ensure your purchase is quick and hassle free.  All ingredients that allow you to make wise investments and grow your portfolio fast. 

It’s also our team that allows us to grow our relationship with you as an investor, even after your purchase has gone through. Buy your investment property through us and rest assured you’ll be far more to us than just a number – we’ll know you on a first name basis.

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WHY SHOULD YOU INVEST WITH US?

While our investors database is great perk of our service, our team are the real reason you should buy your next investment property through us.

Without their extensive knowledge of BMV property, we wouldn’t be able to source you generously discounted deals, nor ensure your purchase is quick and hassle free.  All ingredients that allow you to make wise investments and grow your portfolio fast. 

It’s also our team that allows us to grow our relationship with you as an investor, even after your purchase has gone through. Buy your investment property through us and rest assured you’ll be far more to us than just a number – we’ll know you on a first name basis.