Buying a house with water damage can be a risky investment, but it doesn't have to be. Knowing what precautions to take and understanding the potential costs of repair can help you make an informed decision. When considering a home with water damage, it's important to understand the cause of the damage and the extent of the repairs needed. A home inspection is essential to spot any water damage issues before closing, and you should also consider the cost of repair in your offer.
Mold damage can cause significant problems, such as odors, stains, and serious health problems. It's essential to consider the full costs of water damage repair and mold remediation before making a bid on the home. You may not be able to get a comprehensive policy until water damage is repaired, but there may be a more basic policy available in the meantime to protect your investment. Other defects and hazards may be present in the home due to water damage, such as improper walls and mold. An expert eye is needed to determine if the water damage is new or if it started long before you bought the home.
It would be difficult to test if the mold problem started because of previous water damage in the basement, or if it started after the pipe leak was discovered. Once you have a budget, you'll need to include repair costs in the price you're offering for the home. If your seller intentionally concealed pre-existing water damage or deliberately omitted it from the disclosure form, you may not need to go as far as a lawsuit to get them to pay. However, once a final agreement has been agreed, double check to ensure that the agreement on water damage costs is correct. Make sure your real estate agent includes written water damage repair costs in the offer submitted to the seller. Ultimately, you should never buy a home that hasn't been repaired if water damage is still present. Buying a home with water damage is possibly a risky investment, but knowing what precautions to take helps limit your potential loss.