Is it a wise decision?
Is it wise to buy a water damaged property? (Photo Credits)
For some families, buying a water damaged home can be the only option to move into a new neighborhood, or into a bigger home. For some, buying a home with water damage can make a good investment granting the repair cost could be recovered, and could even increase the property value. But what do prospective buyers have to know before purchasing a water damaged property?
The website DoItYourself.com shared tips on what to do when buying a water damaged home. One of which is to have a comprehensive inspection conducted prior to finalizing the sale. Read more here
“Make sure you have a comprehensive water damage inspection performed. Professionals who know what to look for regarding water damage will be able to spot hidden dangers that you probably won’t. These could include structural damage and faulty pipes. You can easily find a number of qualified inspectors for foundations and mold. The peace of mind and inspection will afford definitely makes it worth the money.”
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Questions to Ask
Real Estate website Marin County meanwhile gave prospective home buyers an advice as to the questions they have to ask before buying a water-damaged property. Ine of the four questions to ask is the extent of the water damage.
“The type of damage that home flooding can cause depends on the location, nature and severity of the flood. A burst pipe in the winter that never led to water in the house is a very different kind of damage than a flooded river or a water heater that dropped hundreds of gallons of water in a basement. If the seller’s insurance covered the incident, there should be a detailed property claim estimate of the damages with recommendations for repairs or replacement. Ask to see this list.”
The continuation can be found here.
Procedure in buying a water-damaged home
SF Gate meanwhile shared the step-by-step procedures to take when buying a water-damaged property. Foremost of the steps that they discussed in their write-up is to schedule a home inspection, and then get in touch with a contractor once a report has been made.
“Contact a contractor who has experience in water-damage repairs. Give the contractor a copy of the home inspection. Ask the contractor about the cost of repairing the damage and cause, if applicable, for a second opinion. Have the contractor evaluate the home if possible. You need permission from the homeowner in writing if the contractor has to open up any wall areas or perform intrusive tests to check for hazards relating to water damage, like mold. Get opinions from more than one contractor to ensure the accuracy of the estimations.”
Check out the rest of the steps here.
Buying a water damaged property should be something that is carefully considered. A wrong move can mean loss of money, and it could even be a threat to people’s health and safety.