Is there ever a situation where it makes sense to buy a house with mold or water damage?
Yes, there will be occasions where you will find a house that you like and then you find that the property has mold and probably is also suffering from water damage. But if you can get to buy the house for far cheaper than it would be sold otherwise, buying it might be a good idea. But what about the mold problem and water damage to the property?
Mold and water damage are problems that can be permanently solved. They should not be the reason for walking away from a decent property if the location is right and the price is fair. A home with mold or water damage can be a great investment because the seller will want to give a discount.
But to make sure you don’t regret the purchase, Markham Services talks about steps you should follow before concluding the transaction.
There are two major issues with buying a house with mold in it: mold’s effect on human health and the cost of fixing the problem.
Although mold is often linked to deadly diseases like cancer, the truth is there is no scientific basis for that claim. Mold is mostly harmful to people if their immune systems have already been weakened by other existing conditions.
The elderly and pregnant women may also experience difficulties if they come in contact with mold. But generally, if you and your family do not suffer from respiratory ailments, allergies, or asthma, you have nothing to fear.
This is not to say that prolonged exposure to mold will not harm people. The mold in the home should be removed immediately. If the mold is properly dealt with, there is no future risk to the home’s occupants.
Water can cause extensive damage to a house. And many times, the damage will extend well beyond the location of the original source of the problem. In addition to finding and correcting the source of the problem, the resulting damage must be dealt with.
These can include mold, weakened walls, defective insulation, wood rot, and even the presence of pests. To safely buy a house with water damage, you must be detailed in your approach. Here are the steps to follow:
In a property market where good deals are hard to come by, looking for properties that other buyers try to avoid can be a way to get the best deals. When you buy a house with mold or water damage, you give yourself an edge in the negotiations. This is because sellers know there are not many buyers who would be interested in the property, so they are motivated to negotiate. And this often means you can get a good deal.
However, if the cost of repairing the house is too high or there is no assurance that the problem will be permanently solved, walk away.