The real estate market is a tough one right now, and many people are looking at potentially buying distressed properties to get a better value. One of the most popular ways is to look at homes that have suffered water damage in the past, but is this the best move for your next investment? Even if you plan on living in the home, there are some things you should consider before buying a house with mold and water damage.
We’re going to dive into what exactly might be involved in buying a house with water damage, and what you may need to worry about short-term and long-term. We’ll also look at how you can minimize the potential risk of future issues, and where you can turn for water damage and mold removal needs in Orange County.
Should I Buy A House With Water Damage?
This is a complex question that is going to depend on many different variables and may change depending on what is most important to you. Buying a house with water damage can get you a premium property for a very good price, but depending on the nature of the water damage you may be looking at more problems down the road. Here are some things to consider.
Where Was The Water From?
This is a major question whose answer can mean a world of different remedies. If the water contained sewage or other biological contaminants, it could have major ramifications for the structure of the home, as well as for the cost of renovating it and getting it back to livable condition.
Get Detailed Inspections
You want not only a general home inspection, but you want to make sure you have someone come out that is an expert in restoration and renovation. One of the big concerns with buying a home that has sustained water damage is that if the water damage was left unaddressed for long enough, there could be issues like mold and severe structural damage. Having someone like Vision come out to remediate the mold and renovate the damage from the water is one thing, but making major structural repairs could cost enough to make it no longer a fiscally-prudent option or wise investment.
Look At Other Potential Repair Costs
You know that you’ll be facing repairs for water damage, but the water damage could have caused other damage as well. Additional damage that is revealed in inspections may also show that the home is no longer a good investment. This can include things like widespread damage to the electrical system, or flood damage that has impacted rooms that are far more costly to renovate, like the kitchen. Water left in a basement can also lead to foundation issues.
Get Insurance Quotes
Another thing that many people don’t consider is that if a home has suffered severe water damage and subsequently entered the housing market, it may be more costly to insure. Before making any final decisions, contact a few homeowner’s insurance companies and get quotes on policies that have the level of coverage you need. You should also take this opportunity to ask any questions about insuring the property, given the history of water damage, as you may want to take out additional flood coverage.
If You’re Buying A House With Mold And Water Damage Partner With A Professional
If you have purchased, or are thinking of purchasing, a home with water damage, being able to count on a local expert for water damage and mold recovery can be vital to getting the best value from the property. Reach out today to discuss your needs and we can tell you how we can help you meet those needs.