Buying a house is a big investment, so it’s important to make sure you’re getting the best deal possible. One thing to watch out for is water damage, which can be costly to repair and lead to more serious problems if not addressed. From reading the disclosure form to getting a home inspection, we’ll go over some things you should know before buying a home with water damage. Plus we list some of the most common signs of water problems.
What Should I Do Before Buying a House With Water Damage?
There are a few important things to consider before buying a house with water damage.
- Determine the extent of the damage: It’s important to know the extent of the water damage, as well as the cause. A small amount of water damage may be easy to repair, while more extensive structural damage could be more costly to fix.
- Assess the cost of repairs: Once you know the extent of the damage, you’ll need to determine the cost of repairs. This can be difficult to do on your own, so it’s a good idea to get estimates from several contractors.
- Check for mold: Water damage can often lead to mold growth, which can be harmful to your health. It’s important to have the house inspected for mold before purchasing.
- Review the seller’s disclosure statement: If the seller is aware of the water damage, they should disclose this information in the disclosure statement. Make sure to review this document with your real estate agent carefully before making an offer on the house.
- Have the house inspected: It’s a good idea to have the house inspected by a professional before purchasing, especially if there is water damage. This can help identify any other issues that may not be immediately visible.
- Consider the long-term costs: Repairing water damage can be expensive, and there’s always the risk that the damage could occur again in the future. It’s important to consider the long-term costs of owning a home with water damage before making a purchase.
- Get an estimate on repair costs: If your home inspector finds damage and you still want to buy the home, you should have your own estimate on repairs costs. Even if you plan to have the seller make repairs first, having your own estimate protects you. Plus, you can make sure the issue is really fixed, and nothing is overlooked.
- Get Quotes for Home Insurance: Also, consider getting insurance quotes as well. Depending on the cause of the damage, you could be in for higher insurance costs. You should also review things like your deductible and the types of damage they cover.
- Consider getting a home warranty: A home warranty can provide peace of mind in case any unexpected issues arise after you move in. It can cover repairs for things like appliances, plumbing, and electrical systems.
Overall, it’s important to be proactive when it comes to water damage. If you find damage during the house shopping process, don’t ignore it. Follow the steps above so you can make an informed decision about whether to proceed with the purchase.
How to Tell If a Home Has Water Damage
There are several ways to find out if a home has water damage. The best way is to read the disclosure form because it normally outlines previous damage.
The next best way is to look for signs of water damage when you are viewing the home. If you are serious about buying a house, take your time and look for water damage. Signs may include:
- Wet areas
- Musty odors
- Water stains or spots
- Weak or spongey surfaces
- Dark stains or discoloration on walls, ceilings, and floors
- Sagging walls
- Peeling paint or wallpaper
- Mold growth
- Swollen or warped wood or cabinets
- Warping or buckling of flooring
- Foundation cracks
- Sparkly efflorescence on basement walls
- Leaky roof or musty attic
- Hastily made repairs
If you find any of these signs, it is important to investigate further. Ask the seller for more information about the damage and get an estimate for repairs.
Also, you should always have a home inspection before buying a home. They are usually inexpensive and can save you thousands on water damage repairs.
Talk to a local pro now. Certified Restoration Local water cleanup specialists offer 24-hour service and fast, free quotes.
What to Do If You Find Water Damage When House Shopping?
If you find water damage when house hunting, there are a few steps you can take. Start by talking with your agent about the issue. If the seller didn’t disclose water damage, it could have been an oversight. Your agent can contact the seller’s real estate agency to find out for you.
If you really like the house, you could make an offer contingent on the water damage getting repaired. As long as they repair the damage as per the agreement, you should have nothing to worry about.
Alternatively, you could make a lower offer sighting the necessary repairs. This allows you to control the process, which is especially helpful if you wanted to remodel anyway. Another option is to have the seller cover the repair costs out of pocket or discount the sale price to pay for them.
As mentioned above, you should always have a home inspection for your own protection whenever buying a home. If there is already visible damage, who knows what else they might find.
What To Do if You Find Damage After Making an Offer or Purchasing a Home?
If you find water damage after making an offer or purchasing a home, here are some steps you should take:
- Document everything: Take pictures of the damage and keep any receipts or estimates for repairs. This will be helpful if you need to file a claim with your insurance company or if you need to negotiate with the seller or builder.
- Contact your insurance company: If you have homeowner’s insurance, you may be able to file a claim for the damage. Be sure to check your policy to see what is covered and what your deductible is.
- Negotiate with the seller or builder: If you found the damage after making an offer on a home, you may be able to negotiate with the seller to have them fix the damage or to lower the price of the home. If you found the damage after purchasing a new home, you may be able to negotiate with the builder to have them fix the problem.
- Hire a professional: If the damage is extensive or you are unable to resolve the issue with the seller or builder, you may need to hire a professional to fix the problem. Be sure to get estimates from multiple contractors and choose one who is reputable and has experience with water damage repairs.
- Contact a real estate attorney: As a last resort, contact an attorney that specializes in real estate law to determine the best course of action.
What Do I Need to Know About Flipping a Water Damaged House?
Although flipping remains popular, there are several things you should know when trying to flip a water damaged house. Most importantly, make sure you can repair the damage without it cutting into your profits.
Other things to consider include the amount of damage and what other upgrades the house needs. Depending on the price, you might be able to flip it for a reasonable profit. However, it could also turn into a money pit fast.
In addition to having a home inspection, you should also get an estimate on repairs from a water damage restoration contractor. Even if you plan to do the work yourself, at least this prevents you from overlooking something major.
If you’re thinking of buying a house with water damage and need an estimate on repairs, let Restoration Local help. Our water damage crews always offer a free, no-obligation estimate. Call us now at 1-888-443-3110 and explain the situation. We’ll be happy to come out and inspect the damage.
