Things to Keep in Mind Before Buying a House With Water Damage

Water Damaged FlooringYou find a home that you and your family absolutely love. You’re just about ready to make an offer, but then a routine home inspection reveals signs of past water damage. Could this cause more problems in the future? Should you abandon the home altogether? There are a few important things to consider before following through with the deal.

Water damage can cause mold, rot and more.

If it isn’t properly remediated, water damage can cause lingering issues for years. Homes that have been water damaged may be more prone to mold and mildew growth, for example. They may also require structural repairs if the damaged was extensive enough to cause beams and joists to rot. Be sure you have a clear understanding of the extent of the damage and the work that was done to repair it before you think about buying the home.

It can also bring down the value of a home.

If water damage isn’t properly assessed and repaired, it can also significantly reduce the home’s resale value. If you’re willing to negotiate for repairs, or make the repairs yourself, you may be able to use this to your advantage as a buyer. On the other hand, if you don’t want to invest that kind of time and money in the home, you’re probably better off looking elsewhere.

The damage isn’t always immediately obvious.

Some signs of water damage, such as mold growth and drywall stains, are pretty easy to spot. Others, like the effects of water damage on a home’s electrical system, require a trained eye to identify. If you notice superficial signs of water damage during a walkthrough, a home inspection may reveal more serious underlying issues as well. Be sure to have the home inspected by a professional before making a final decision.

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How to Negotiate Repairs Following Your Home Inspection

Home BuyersBefore you commit to buying a home, you should always have a home inspection done. A professional home inspection can not only identify areas of concern and items that need to be repaired, but also give you more leverage at the negotiating table.

If your inspector finds that the home does need some work, you shouldn’t necessarily back out of the deal altogether. Instead, you may be able to negotiate repairs with the sellers.

Think about what needs to be fixed before you move in.

Unfortunately, you probably won’t be able to get a seller to fix every issue your home inspector uncovers. There are very few homes that are in perfect condition, and some basic wear and tear is to be expected.

Consider the repairs that your home inspector recommends, and decide which items absolutely need to be repaired before you move in. For example, if there’s an electrical issue that constitutes a safety hazard, you should ask the sellers to remedy the issue before you agree to purchase the home.

Send the seller a list of repairs you want done.

Sit down with your real estate agent and generate a list of repairs that you would like to see done before you sign on the dotted line. The seller might not agree to all of them, but they’ll probably agree to most repairs as long as they’re within reason. Many sellers are willing to swallow these extra repair expenses if it means they can secure a reliable buyer for their home.

Ask about repair credits.

There might be a few items on your list that would be impossible for a seller to do without racking up substantial costs. For instance, if the home’s subfloor in disrepair, it might not be possible for the seller to replace it without ripping out the old carpeting and replacing it, which would cost a lot of money.

In cases like these, you should ask to receive a credit on the price of the home so that you can tackle the job later. This will help you save money and give you the freedom to make repairs on your own.

To schedule your next home inspection, give us a call or contact us online today for your free quote.