Should You Buy A House with Water Damage?
Buying a house with water damage can be a risky investment, but knowing what precautions to take helps limit your potential loss.
The presence of water problems does not always mean that the property is undesirable or that the deal is unworkable.
Purchasing a water damaged property does contain a measure of risk, but the potential threat can be successfully negated if handled properly. It is important to remember that water is only one part of the damage that may be found, with long term problems such as mold also having an adverse effect.
A Home inspection is highly recommended as it will help determine if there are any water problems that need to be addressed. The source and extent of any water damage or mold should be determined before moving forward with any offers on the property.
A contractor should be hired to examine the property and provide a repair estimate. Having more than one estimate allows the buyer to determine if the repair costs are accurate. Any repair costs should be subtracted from the cost of the home before making an offer on the property.
All offers submitted to the seller should contain detailed notes on the water damage and also figured into any negotiations or counteroffers. Be advised that it may not be possible to get a full comprehensive homeowners insurance policy on the home until the water removal process has taken place and the damage repaired.
The water removal and restoration process should be completed before moving in, since no property owner wants to have to deal with such a problem while unloading, unpacking, and trying to establish a permanent presence or residence.