If you’ve found your ideal home with the space and connections that you need, it’s devastating to learn that there is water damage. But, in certain scenarios, there is cause for hope, and you may be able to continue with the purchase. When you want to determine that the home is still a sound investment, there are three tips that you need to follow, they are:
1. Always Seek Professional Advice
Water damage tends to spread quickly and where it spreads to is not always easy to predict. Water can spread through walls, floors, ceilings, and sub-structures. Even a small water leak can cause a lot of damage if it’s overlooked for a long-time. Water damage can cause cosmetic issues, mold growth, structural damage, and more. Furniture, wall coverings, rugs, carpets, and other surfaces and items may absorb the water. For these reasons, it’s important to seek professional advice when you sell or purchase a home. A home inspector can identify the presence of water damage and any posthumous damage, such as mold growth and structural problems. If there has been a slab leak, the inspector can locate cracks in the foundation, leaky pipes, and other issues that may develop into serious problems later.
2. Evaluate the Repair Costs
After the professional inspection, you will know the full extent of the work that needs to be carried out. Prior water damage is a key factor, and a restoration team can evaluate the required repairs and how much they will cost. The cause of the water damage must be found and repaired to ensure that the problem will not occur again. When you have the estimate for the repair costs, these should be factored into the offer that you make on the prospective home. Remember that water damage can cause serious structural problems and mold growth throughout the home. This is a serious problem that a seller cannot ignore, and you need to get a fair price that includes the necessary repairs and remediation work.
3. Determine the True Market Value
To properly assess the effect of water damage and the associated repair costs, it’s important to determine the true market value of the prospective home. First, you need to know what the home is worth to ensure that you are not paying over the valuation. This is especially important when there is damage to repair. Next, you need to subtract the water damage restoration costs from the home valuation. This will give you a fair and reasonable price that you can propose to the sellers of the home. This will ensure that you have the available funds to fix the water damage after the sale is completed. Another tactic is to offer a price slightly lower than the aforementioned figure to cover any unexpected and related repairs. Before you commit to a purchase, check with insurers to evaluate how water damage affects the coverage.
If you need to evaluate and repair water damage problems, contact your local professional plumber today.