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Tips for Buying a Home with Water Damage

If you’re looking for a new home, keep in mind that all homes on the market will not be in perfect, move-in ready shape. What do you do if the home you find is perfect but happens to have water damage? Here are some important things to keep in mind.

 

  1. Schedule Inspections Before Buying

Start with scheduling a home inspection. It’s a good idea to get a home inspection before buying any property, especially when it is known to have water damage. You should make sure that the inspector is a certified home inspector. This way they can provide a comprehensive water damage inspection that includes the extent of a possible mold problem. They should be able to find any hidden damage, including: 

  • Structural issues 
  • Leaking windows
  • Foundation cracks
  • Bad pipes

You should consider looking for an inspector who specializes in foundations or a roofing expert, depending on where the mold issue is most prominent. Make sure you request a written copy of all the home inspection reports.

  1. Consult a Contractor

A contractor can give you an estimate of the cost of repairs for the water damage, including any repairs needed after the mold removal. It’s important to remember the cost of repairs before placing a bid on the house. MrRestore can provide some helpful feedback, just let us know and we can see how we can help!

  1. Evaluate Repair and Remediation Costs

A leaking bathtub pipe can lead to water damage that may have affected more than you can see. If the leak has gone undetected, the water could have seeped through the walls, soaking: 

  • The back of drywall
  • Structural supports
  • Insulation

Flood damage needs to be treated by professionals since it can create significant structural and mold issues. Be sure to factor in full water damage repair and mold remediation costs before you make an offer on the house. 

You need to read all the inspection reports thoroughly.  Don’t be afraid to ask the inspectors, contractors, and other experts questions. Once you have all the facts, you can sit down with your real estate agent. You might be able to work the repair costs into the offer, or the seller can cover the costs of repair and mold remediation. Your realtor should include the water damage repair costs in writing in the bid given to the seller.

  1. Get Everything in Writing

Negotiations will probably go back and forth in a home that has water damage. Once a final deal has been agreed upon, however, you should double-check that the agreement about the water damage costs is correct. You can consult a real estate attorney if any of the contractual terms need clarification.

  1. Homeowner’s Insurance and Flood Insurance

Finally, be sure to secure the correct amount of homeowner’s insurance for your new home by working with your insurance agent. A comprehensive policy might be your best choice with a water-damaged house. Consider getting flood insurance if your new home is in a flood plain or other high-risk area since most general home insurance policies do not cover floods. FloodSmart.gov has information regarding the National Flood Insurance Program and how it works. 

If your new (or current) home does have water damage, give Mr. Restore a call. We would be happy to help you determine the cost of restoration. We have over 50 years of experience dealing with water damage. Our experienced professionals will help get you and your home back to normal.