Water damage caused by leaky pipes, sewage backups, storms, or floods can be far more consequential than you may think. If you don’t act quickly, it can ruin your home permanently. Even a seemingly harmless leak can be a problem because water spreads quickly and is absorbed into the floors and furnishings. If your house has been damaged because of a flood or leakage, here are answers to a few questions that you may have.
Will Water Damage Decrease My Home’s Value?
Water damage can negatively affect your home’s value. The decrease in value is determined by the steps you have taken to identify and contain the problem. It also depends on how soon you’ve contacted a water restoration company to repair the damage and if the company has done its job professionally and thoroughly.
But not all damage will hurt home value. While structural issues, foundation issues, and mold can decrease the value, some emergencies don’t cause as much harm when restored quickly. It’s best to seek help from professionals to assess potential damage because the extent of some problems can be more severe than they initially appear.
How Can I Sell a Water-Damaged Home?
Buying a house damaged by water is risky. Moisture can cause considerable structural problems and create safety hazards. Potential buyers will likely make a thorough home inspection to search for the source of the damage and ascertain actions you may have taken to contain the problem. They’ll need to know if you’ve conducted tests to make sure the water source is fixed.
You are unlikely to be paid market value for the home because potential buyers will deduct repair and remediation costs. Even if there are restoration costs involved, they will factor in increased home insurance coverage costs. And if the coverage is limited, they might not want to buy the house at all.
Should You Repair the House?
If you’ve decided to sell the house, should you repair it or not? You cannot hide the damages because buyers spend time and money thoroughly checking the property to know its worth. You may choose to sell the house after repairs with the hope that it will sell at a better price. But once homeowners learn about the repairs you’ve undertaken, they will negotiate aggressively to bring the price down. Rather than give in to their tactics, it makes sense to sell the house fast to cash home buyers in Pittsburgh.
As cash home buyers in Pittsburgh, we buy homes as-is and for cash. You don’t have to spend money on repairs or worry about closing formalities. We’ll take care of everything and pay the closing costs.