When you’re thinking about buying or selling your home, there are a lot of things to prepare. One of the first things you will do is choose from the pool of real estate agents to help you list and market the home. They will come in and make their own recommendations for repairs or upgrades to help you be successful.
When you have water damage in the home, it could drastically affect your ability to sell. In many cases, water damages will have to be restored. Or you could be forced reduce the value of your home to account for the damages and repairs that are needed.
Mold Potential
If a home has water damage, it has the potential for mold. If an inspector notices mold, it could halt a pending sale. Home inspections are designed to find issues like these. If there is water damage that hasn’t been fixed, the chances are high there is also mold to contend with. Mold is certainly nothing to play around with, and potential buyers are not going to want to deal with it either.
Only in circumstances where you have the ability to sell a home “as-is” will this work. Otherwise, you may be required to correct the damages or remove mold prior to a sale occurring.
Lender Requirements (Not Real Estate Agents)
A large number of homebuyers rely on mortgage lenders for the purchase. In some cases, the lenders will have requirements to abide by. This is particularly true of government mortgages, like FHA, Veterans, or USDA loans. These often have stringent inspection requirements that have to be passed before the mortgage can be granted.
You will likely find that most lenders will not be overly excited to grant a mortgage for a home with water damage. The costs to repair water damages can be extensive, but there are also risks involved in taking on this liability.
Extended Length on the Market
Despite your real estate agent’s best efforts, you might find that a home with water damage will sit on the market for a much longer period. In recent months, homes have been selling within 45 days in most cases. But if your home has water damage, this may make it less appealing. Does that mean it won’t sell? No. It simply means you might be required to exercise patience until the right buyer comes along.
If you’re looking for a fast sale of the home, having water damage is likely going to impact your ability to make that happen. It’s up to you to determine whether fixing the damages prior to listing your home might be a better approach in the end.
Restore Damages Before Contacting Real Estate Agents
In most cases, you will find it is more suitable to have restoration of water damage handled first. Then, hire the best real estate agents to spin the renovations and help you make a great sale. When you need restoration, count on HS Restoration & Cleaning Service to help! Our teams are standing by, ready to get your home prepped to list on the market.
