In a highly competitive real estate market, some home buyers are considering buying homes “as is” and not doing a thorough home inspection before making an offer. This can be a major risk for a significant investment.
If you find a home that is otherwise ideal that has significant water damage, then you’ll need to carefully consider whether it’s still a smart investment. Repairing and insuring a home with significant damage can be costly.
But depending on the extent of the water damage and the repairs that are needed, it can still be a good investment. You’ll want to consult experts you can trust to help you make the right decision.
How to Tell if There’s Water Damage
When checking out a potential home purchase, look for obvious signs of damage such as staining on the walls or the ceiling. They’re typically brown or yellow, and there may be signs of mold.
Other signs include peeling paint, wallpaper that’s damaged, or strong or musty smells in the home. If there are musty smells, it can indicate there is a significant amount of water damage.
Even if these signs are not there, however, it’s important to have a professional home inspection done to make sure the damage wasn’t covered up.
Cause of Water Damage
Just as important as determining the extent of the damage is finding the root source of the problem. Water damage is frequently caused by a leak, which can be from a damaged roof or a burst pipe. Leaks can cause extensive damage to the home if they go undetected for a long period of time and aren’t fixed properly. Flooding can also cause significant water damage and can be caused by heavy rains. Another common cause is issues with the home’s foundation.
Before Buying a Home with Water Damage
It may be costly to purchase a home with water damage, so it’s important to take a number of steps before buying the property.
Negotiate With The Real Estate Agent
Talk to the seller’s agent about how to get the best deal based on the damage. This can include reducing the asking price due to the damage, or adding the remediation expenses into the closing costs.
Have an Professional Home Inspection Done
Make sure a professional creates a report detailing all of the water damage in the home and get this in writing. You should also get an estimate of how much it will cost to repair the damage so you’ll know what to expect.
Check into Flood Zones
It’s important to find out if the home is located in a flood zone before buying. Research the neighborhood and see if it’s necessary to buy flood insurance.
After Buying a Water Damaged Home
If you decide that you still want the home, once you take possession, you’ll want to take care of the repairs as quickly as possible. The damage can get worse the longer you wait to get it fixed. Document the repairs that are needed and keep any paperwork associated with those repairs in case they’re needed for insurance purposes.
Water damaged homes can be costly to repair, but you still might decide you to buy the home. If you buy a home that has water damage, call the professionals at PuroClean Certified Restoration to do the water damage restoration job right.