A lot of people will experience water damage in their homes at some point. Especially if their home has a basement. While some people choose to have water remediation services to resolve it, others resort to selling their properties. So if you’re selling a house with water damage there are definitely some things you’ll want to know.
Trying to sell any home depends on a large number of variables; any real estate expert can tell you that. But it’s definitely possible to sell a water-damaged home. If this describes you, please read on.
Houses with Water Damage
Selling a house with water damage involves three main issues—disclosure, repair, and price. The reality is that it can be a daunting proposal. It’s especially important to have a real estate expert on your team during this kind of home sale.
Before we even talk about whether the water damage has been repaired, we need to talk about disclosure. It might be tempting to avoid disclosing the truth about your home’s status. However, this would be a major mistake. There are laws in place that outline what you must disclose during a home sale. Rest assured any buyer’s home inspector will be carefully looking for water damage.
Now, there are different forms of water damage. Understanding how to handle each is key to a successful transaction. and knowing them will give you a clearer idea of what to disclose. It can vary among different states, but failure to disclose damages usually puts different parties at risk for legal actions. This will be among you, the inspector, the buyer, and the real estate agent.
Repair & Warranty
There are several types of repairs available depending on the size and scope of the problems. Some minor issues can actually be tackled by DIY experts. Others will most certainly require professionals. Larger repairs often come with a transferrable warrant that the seller can promote to any potential buyer. This puts their mind at ease and makes for an easier sale.
Any type of damage will decrease the value of a home. Water damage can be small or large. Pricing a home with major water damage will be much more difficult but will certainly be much lower than market value. In today’s market, it’s most often better to pay for the repairs in advance then listing the home after all the work is completed.
Water Remediation Services
If you do want to go the route of repairing the problems first, you’ll want to start interviewing water remediation companies in your area. The sooner you start, the better. The longer the water remains the more damage is being done with leads to even costlier repairs.
There are reliable professional water remediation companies that offer services at reasonable rates. These experts can advise you on the various paths they can take to remedy the problems. Once they’ve seen the house in person, they can give you estimates. Just make sure to ask as many questions as you can before you hire one of the companies.
When selling a house with water damage, make sure to move quickly. Ask friends and family for recommendations. Also, coordinate with your Realtor from the beginning. It’s not impossible to sell your home, you just need to understand the smart way to go about it.