Either way, you should never buy a home that hasn't been repaired if water damage is still present. Consider restoring water damage and Mold damage can cause significant problems, such as odors, stains, and serious health problems. Once you have a budget, you'll need to include repair costs in the price you're offering for the home. Because water damage can cause serious problems, such as mold and structural problems, this is something sellers can't ignore.
You must ensure that you are getting a fair price considering the property restoration costs you will incur. Buying a home with water damage is possibly a risky investment, but knowing what precautions to take helps limit your potential loss. Water damage to a home can be caused by many different problems, such as flooding, a broken pipe, or a leaking roof. Other defects and hazards may be present in the home due to water damage, such as improper walls and mold, and the cause of the water damage needs to be examined to ensure that the problem does not continue once the existing damage is addressed.
While inspection is absolutely vital to helping you spot water damage issues before closing your home, it can hurt your case against the seller. However, once a final agreement has been agreed, double check to ensure that the agreement on water damage costs is correct. An expert eye is needed to determine if the water damage is new or if it started long before you bought the home. A home inspection before purchasing any property is prudent and especially important when dealing with known water damage.
Finally, the next step is to seek homeowners insurance for this property because previous water damage can affect your coverage options. The extent and cause of water damage should be established by a professional before considering making an offer. However, if you're less enthusiastic about buying a project, keep in mind that restoring existing water damage can take some effort and money. Make sure your real estate agent includes written water damage repair costs in the offer submitted to the seller.
When water damage is extensive and causes costly repairs, the only option may be to pursue litigation to hold the seller financially responsible. 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. 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 do your research, it becomes clear that this water damage problem is an old one and your seller should have disclosed it when you purchased 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.