Flood Damage Can Affect The Value Of Your Home

FLOOD DAMAGE CAN AFFECT PROPERTY VALUE

Have you put your home on the market?

Even in a seller’s market, selling your house can be difficult if there is unresolved flood damage. In the US, prospective buyers are often disappointed by their inspections because experienced inspectors discover many reasons to reconsider the purchase. Water damage is one of the most common problems that can hinder the sale of a house. All it takes is standing water, mold in an attic or rotted boards to make a buyer lose interest. The fear of unanticipated and potentially expensive repairs can instantly devalue your house. Here’s how flood damage affects the value of a home.

If you find evidence of flooding, whether it is subtle or obvious, this can make negotiations difficult and even impossible. The buyers can now use this as a bargaining tool if they don’t break an ankle while running away. Who wants to pay full-price only to discover that thousands of dollars in repairs are waiting for them? A dream home can quickly become a house of horrors.

You should consider how flood damage could affect the value your home if you have had moisture problems or a sump pump failure that caused a flooded basement. You could get a rude shock during the initial property inspection that prospective buyers may have hired.

Do You Need to Disclose Flood Damage?

Most sellers, when deciding whether to disclose property damage, will focus on catastrophic issues such as basement flooding or roof leaks which have affected walls and ceilings. They don’t consider subtle problems because they haven’t experienced them. Flood damage can be a major problem, but there are also other types of damage that could affect the value of your home and ability to sell it.

What Minor Water Damage Can Do To Your Home’s Value

The little issues you ignore in your home that are related to flood damage could become the “big” things one day.

Damage from water is often overlooked, but it can have a big impact on the value of your home. Here’s how water damage affects the value of your house. It is hard to detect the evidence of a slow leak in your bathroom faucet that went on for months before you called a plumber. The property inspector will likely discover evidences of that problem, even if you don’t.

The evidence of a defaced backsplash in the kitchen leads to a deeper inspection that identifies surface mold. A sump pump failure that only affected one wall left behind a warped base molding that gives the impression the entire basement flooded. Water damaged paneling along a section of basement wall, and suddenly an interested buyer is eager to move on to the next home.

Buyers who were once so excited are now confronted with a problem that could make them walk, if not run. Questions like a raging wind howl. How much mold is there? Are there any dangerous toxic molds? Are elevated mold spore levels in the air? Will my family be safe?

If any flood damage is noticed in the basement, immediately questions such as, did the water come from a water heater, or was it a backed up sewer? It is important to know the source of water, as this will affect the value of your house. Particularly if another attractive house in an equally desirable neighborhood has no suspicious damage.

Here are Some Subtle Flood Damage Scenarios that may Affect the Value of Your Property.

WATER STAINS ON WALLS & CEILINGS: If you had a roof leak, ceilings can have visible water stains. Walls will equally appear unappealing with unsightly water stains. Buyers may be scared and think that expensive repairs are required to remedy the stains. They may even wonder if mold is behind the staining.

Carpets with visible stains or carpets that smell bad are evidences of previous flood damage that can affect the value of your home. The wood sub-flooring beneath may be structurally compromised, or mold may be present. Water damage can be manifest in subtle ways.

If they estimate that new carpets will cost $5,000, they may be tempted to reduce their initial bid by that amount. This way they won’t spend more than the home is worth.

ROTTED BATHROOM FLOORING: If you have had multiple overflows of the sink, toilet or tub, then there is likely signs of flood damage present. Water stains, or even mold, may be visible on the vanity cabinet’s face or side panels. These things can make buyers wonder how often flood damage has occurred, and if it was toilet waste water and smells are present, you will learn quickly how flood damage can impact the value of your house.

KITCHEN HARDWOOD FLOORS WITH BUCKLING: Buckled wood flooring can decrease the value of your home. All it takes is a dish washer malfunction, water damage from a refrigerator supply line, or a sink overflow. Often it is difficult to know if you have a wet kitchen floor till it’s too late. It is recommended to repair any flood-damaged wood floors before selling your home.

VANITIES THAT HAVE WATER STAINS AND ROTTED WOOD: It is not uncommon for a bathroom sink to develop a leak from time to time, either due a leaky P-trap or supply line. The bottom of the wooden shelf may be damaged and moldy if it happens repeatedly. Look to see if there may be damage. Sometimes a fresh coat of paint can do wonders and cover slight defects.

VISABLE MOLD DAMAGE: The biggest concern a buyer has is mold. When it is identified it could be a sign of a large mold remediation project, which could cost thousands. Air samples are the only way to determine if the property has toxic or black mold. This is because mold can release harmful mold spores in the air. The cost of this test will be $400 plus and should be discussed between the buyer/seller. Air sample testing is the only way to determine if mold growth is minor or significant. An environmental hygienist will recommend mold mitigation if the test results indicate elevated mold spore levels. This type of cleaning involves containment, hepa-vacuuming and washing surfaces with anti-microbial agents.