Whether you are reselling a home or considering selling yours in the future, there is a lot of preparation that goes into getting the house ready for new property owners to explore. When potential buyers come to tour your home, they are looking at every little detail of the home and property. This includes paint colors, landscaping, and damage in the home.
One of the most common areas of damage in a home is unresolved water damage. Unsolved water damage in your home can be a huge deterrent for potential buyers. If they see signs of previous water damage, the first thing they often wonder is what caused the water damage. For example, flooding, faulty appliances, hurricanes, etc. Then, their mind starts to assume if it has happened before, what are the chances it will happen again? This is often a huge reason many potential homebuyers decide against buying a home.
So, what exactly are the effects of reselling a home with water damage and what typically happens when a potential homebuyer notices it? With help from hired professionals, interested buyers will inspect the home and look for damage to adjust their offer below the original asking price. When they find water damage, typically there are two scenarios that can save the sale of your home. You can offer to cover the costs of whatever damage they find yourself or reduce the overall market price to cover the repairs. Something to keep in mind is that the price of repairs will vary depending on the extent of the damage. If the water damage in the home is severe or left untreated, it can also lead to mold growth in the home. Mold removal is another repair that can cost you a few thousand dollars to repair or lower the home’s market value.