How to Buy a House With Water Damage

Buying a home that has water damage is risky, depending on the extent of the damage. It is important to find out why the house has water damage to begin with and determine the time frame of the water damage; the longer the water has been in the walls of the home, the more chances there may be hazardous mold as well. A home inspection will definitely be needed to determine safety and the repair costs.

1. 
   

   Decide
   on the home you want to purchase that has the water damage. You
   normally can see a water issue within the walls from bubbling of of the paint. If the water damage is from a burst pipe,
   you may find bubbled floors. When the water has had time to sit in
   these areas for long periods is when you may have some mold issues.

   
   


2. 
   

   Schedule
   your home inspection. Make sure you hire the inspector and not the
   seller of the water-damaged home. Before you ever make an offer on
   the home, find out what the extent of the damage is. In some cases,
   it could be very minor with no appearance of a mold problem, but in
   other cases, there could have been a leak that has been there a long
   time and mold could have spread and grown.

   
   


3. 
   

   Look
   over the inspection notes and what the total cost of repairs would
   be to fix all the areas of the home that has the water damage. If
   you wish to continue the buying process, you will want to deduct
   the estimated repair costs from the market value of the home. For
   instance, if the repairs are going to cost $20,000 and the owner is
   asking $150,000 for the home, your initial offer needs to be less
   than $130,000.

   
   


4. 
   

   Allow
   for negotiations with the seller because they may come back and
   counteroffer, but your bid should clearly state the estimates for
   water-damage repairs and the reason you are deducting this money from the bid.
   Most sellers that know they have water damage are happy to at least be in
   negotiations and will take the lower offer.

   
   


5. 
   

   Hire
   your contractors to repair the water damage before you move into the
   home. This is especially true if the inspector found mold. With
   extensive water damage, the walls may need to come down in several
   rooms, which would make the home unlivable anyway. Once the repairs
   are finished, you can move into your new home, with a clean, fresh palette.