What You Need to Know Before You Buy a Home With Water Damage -Towson, MD

Buying a home with water damage is a risky investment. You do not need to give up on your dream home, but you need to know the facts before closing the deal on that home.

The first and best thing to do when looking at a home with water damage is to schedule a home inspection. A certified home inspector will provide a comprehensive water damage report that includes a mold assessment. The home inspector will also check for any hidden damage, structural problems, foundation cracks, bad pipes, and leaky windows to help determine the extent and cause of the water damage.

The next step in determining whether or not to buy the home is to consult a contractor and get an estimate on how much it will cost to repair the water damage, take care of the mold, and ensure your home is structurally sound for you and your family. 

Once you have the cost estimate for the repairs, it is time to evaluate those repair and remediation costs. Depending on the extent of water damage and mold in your home, it will depend on how much you are willing to put into your new home. This is the best time to take a close look at all the facts, read the inspection report extensively, and ask any questions you may have. Once you have asked all your questions and feel that you understand your situation, it is time to reevaluate your bid and resubmit it to your realtor. It is best to have everything in writing and to make sure the contract regarding water damage costs is correct. An attorney can be consulted if any contractual terms need clarification.

One last thing to think about before closing the deal on your new home is reviewing your home insurance options. Get comprehensive coverage when purchasing a house with mold and water damage. Check out several local insurance agencies and ask whether you’re covered if issues related to previous water damage return. If insurance is too high or coverage is limited or unavailable, you may not make the best investment.

If you suffer water damage in your home or any other disaster, contact Restoration 1 of Towson for an accurate assessment and begin the restoration process today.