How Water Damage can Affect Property Value
Water damage can be a huge expense, and prospective property buyers know about this. For this reason, homes with water damage get to cost much lower than that which do not have it because of all the inconvenience and risks that a water damaged home entails.
The San Diego Water Damage Restoration Contractors' Association says it is important for a homeowner who is planning to sell his property to address water damage issues before putting his home in the market. With a water damaged home, a property owner can only expect offers that are way too low for his asking price.
The Wall Street Journal has published a news feature on how molds devalue a property. Molds, as everyone knows is a by-product of untreated water damage.
"Buyers simply prefer to stay away from homes where there's even a hint of black mold. Their rationale is, why take a chance? A home is so costly, why risk losing future equity because of a fungus infestation? In short, homes with black mold in them (sometimes even after the mold has been eradicated), can take longer to sell and may bring a lower price. In some areas it is even hard to get homeowner's insurance on such homes."
The continuation of the article can be found here.
Lower offers on water damaged properties
RealtyTimes also let out a warning for homeowners wanting to sell their properties to remediate their water damage and mold issues before selling their home. apart from lower value, it may cause legal issues with regard to disclosure depending on the state.
"Not only can the presence of mold affect the perception of the listed property, but there's a large chance that it could incite a potential buyer's fear of harmful health effects. As a buyer, mold on a property may present untapped opportunities. The home may be negotiated to a lower value and scare away other potential buyers due to negative perceptions about mold. Many mold problems associated with real estate transactions are often overblown and not nearly as costly or difficult to fix as most would assume."
Read the rest of the article here.
The San Diego Water Damage Restoration Contractors' Association says homeowners can always seek the services of expert water damage restoration contractors who can work speedily and efficiently on restoring water damage in a property. This way, the property value will not dwindle. On the other hand, a buyer can always tell a seller of a water damaged home that he can take care of all the restoration work through a restoration contractor, and negotiate accordingly.
Super Dry San Diego Flood Restoration
10801 Vista Sorrento Pkwy, San Diego, CA 92121