It’s not easy to find a home that will match your needs, regarding location, size, price, design, and features. So, when you finally see a residence that will fulfill your criteria, you might be tempted to buy it, even if it comes with some imperfections.
Buying a home with water damage can be a risky move. At some point, the excess moisture may have caused the structural damage and safety hazards, such as unsound walls and mold, which can cause a variety of problems in the future. That’s why the First Home Buyers magazine has a couple of suggestions which can help you solve this issue.
Require a home inspection
The first step is to determine the water damage. To do so, you need to ask the current owner or the real estate agency a couple of important question.
What causes the water damage, was it a natural disaster, burst pipe, or leaky faucet? How soon did you notice the damage? How long has water been sitting in the house? What kind of damage was done? What actions did you take? Who fixed the problem and how did you treat the damage?
Once you have the answers to these questions, you need to inspect your home for underlying damage. In this case, make sure to hire a professional who will identify the issues and provide proper inspection.
Determine the costs
If you have decided to buy a property which has suffered water damage, then you need a detailed home inspection report. This will help you assess the probable costs and whether it’s worthy of your money.
You should get estimates from reliable contractors, who have extensive experience in water damage restoration and give them a report of home inspection. They should be able to assess the damage and how much money you’ll have to spend on repairs, including the mold removal and remediation.
It’s essential to know the costs of restoration before you place an actual bid.
Find out the final costs and submit your offer
If you want to limit the risk of loss when buying water damaged the home, then you should pay attention to the following things:
What’s the market value of the house? You can ask the local real estate agencies for the costs of similar properties in the area, who have not suffered the water damage.
Review all inspection reports and remodeling costs. You should compare the prices and calculate all the expenses necessary for the repairs.
From the market’s value take away the water damage restoration costs. This will help you figure out how much money you can spend on the house. It smart to start at a lower price to open negotiations.
Once you determine the fair price, contact a real estate attorney and decide what’s the best plan and how should you proceed. Negotiations may take a while, but when a final deal has been made, request a copy of sales contract and carefully read terms and conditions.