There are numerous things that you need to consider when looking for the perfect house to make a home. These include things like the house design, space, proximity to your favorite hangouts, and a great neighborhood. Should you come across a place that checks all these boxes, but it happens to be a water damage house, you shouldn’t dismiss it just yet.
Water damage in houses can be a result of a location or faulty drainage systems. Though you can’t control floods, it’s possible to keep the pipes in your home functioning properly. Figuring out the cause of the water damage is a big step in the right direction toward lasting solutions.
There are several things that you can take into consideration to determine whether a particular water-damaged house is a sound investment. Below we’ve compiled a short list of steps that will help you get your dream home.
Water Damage House Inspection
Get A Home Inspection
When deciding on whether to purchase a water-damaged house, a home inspection by a certified inspector is always a great idea. A proper inspection could save you a lot of headaches in the future should you decide to purchase the house. Have the inspector check for mold and dry rot all over the house.
Since water damage is capable of affecting a lot of areas in the house and it can come from a lot of things like washing machines, burst pipe, flooded basement, leaking pipes, leaking roof, structural damage or structural problems etc, you need the help of an expert. Ensure that the inspector does a thorough job of providing you with all the necessary information to guide your purchase.
You need to know things like the source of the water damage and how much damage has occurred. If there have been any previous repairs, were they covered by an insurance company, and could it offer you the same services in the future. You must always get copies of all the reports conducted by the inspector.
Consulting A Contractor
Next, you need to consult a contractor to help you come up with rough estimates of what the repairs and mold removal will cost you. Consult with several local contractors who specialize in water damage to get the right estimate. The inspection reports you got from your inspectors will play an important part here.
Ask for an estimate that covers all the water damage, the cause of the water damage, and any mold issues. If your contractors need to tear up the wall to see how far the water damage extends, you’ll need permission from the owner.
The figures that your contactors come up with are going to help you make a good initial offer. Remember to present an offer that doesn’t hurt your pocket too much, especially if the repairs needed are extensive. Else you can go for local insurance agencies for flood insurance coverage.
Factor in the Remediation and Repair Costs
A house with water damage is a serious purchase to make. The damage could be extensive, especially if it has been going on for a long time. Before investing in a water damaged house, you first need to consider how much money you’ll pump into repairing the major leak or wet flooring. These repairs will not only cost you a lot, but they’ll also take a lot of effort and time.
Water damage can start as a small drip in the bathroom and end up seeping into walls and floors. If unattended for more than a week, this problem persists and affects the drywall and the structural supports of the house.
When making an offer on a water damaged house, you’ll need to put some key points into consideration. Your goal is to ensure that you’re not only able to purchase the house, but you have enough money to repair it.
Here are a few tips to help you arrive at a rough offer figure:
- You first need to consult a contractor and have them provide you with the market value of the house. This information will help ensure that you don’t end up overpaying should you decide to purchase the house.
- Next, work together with your contractor to calculate the rough cost of all the necessary repairs. Take that figure and subtract it from the price you got as the market value. The figure left after subtraction will be reasonable enough for a house with water damage. This also ensures that you have enough money to effect repairs once you acquire the house.
- Since repair prices aren’t always reliable, you should try and give yourself some breathing room. Make your first offer a bit low to create some grounds for negotiations. If you’re lucky enough to save some more money, you’ll have an easier time with your repairs.
To be on the safe side, you should have your real estate agent clearly include all the repair expenses in writing. Before closing the deal, ask for a copy of the contract and crosscheck the costs one last time.
On the other hand, you could have the owner of the home cover all the mold remediation and repair costs and sell you a fully renovated house. A restoration job can cost anywhere from $150 to $6000, so be sure to ask the contractors for a detailed cost estimation.
Read More: Cost Estimation of Water Damage Restoration
Get Homeowner’s Insurance
Finally, a water-damaged house can have more problems in the future due to structural repairs. Therefore, you need to go for a comprehensive homeowner’s insurance cover. You need to find an insurance company that is willing to cover you for previous water damages. Contact several local insurance companies and get quotations for the house.
Insuring a water damaged house can be very expensive. You can use the response of the different insurance companies to determine whether to go ahead with the purchase. Furthermore, you should also make sure that your insurance covers floods or flood damage.
Before signing the contract to close the deal, you should ensure that the terms contained therein are favorable to both you and the house owner. Once that’s done, find the best local water damage professionals to work on the repairs. Have them get started on the restoration process as soon as possible to avoid any further damage.