Buying a home is a major decision for anyone. Unfortunately, the process is rarely straightforward and you can count on surprises and issues cropping up when you least expect them. One of those potential problems is water damage. Because water damage is such a common problem for homeowners, there is a good likelihood that any home you buy will have such water damage issues. From our water damage restoration experts at Doctor Fix-It in Riverside NJ, here are the five things you should know before buying a home with water damage.
First things first, you will need to schedule an inspection to assess if there is water damage and the severity of it. While you may be willing to deal with different levels of damage depending on your circumstances, you need to know exactly what you’re getting into as much as possible.
Buying a home with water damage means you will have the immediate extra expense of repairing the damage. Along with getting an inspection, you should also talk to some contractors to get an idea of how much the repairs will cost. A contractor will also help you think through the pros and cons of the specific type of water damage you have to deal with. For instance, some types of water damage may be expensive to clean up but are then fixed for good. Other types may be relatively easy to fix but have a propensity for coming back.
A good rule of thumb when dealing with anything that is as high stakes as buying a house is to always get everything in writing. This doesn’t include just formal agreements. You should also keep documentation of all of your communications with contractors and inspectors in case any miscommunications arise.
Finally, the next step is to look into getting homeowner’s insurance for this property because previous water damage can impact your coverage options. You can reach out to your local insurance agencies for quotes and available policies. You’ll need to know if you’d be covered should you notice issues in the future that are related to past water damage. Unfortunately, some insurance agencies will deem a water-damaged house too risky. You may find that insurance rates are either sky-high or that the agency won’t cover you at all. In this instance, it would probably be wise to pass on this particular house.
Buying a home with water damage gives you an advantage in that you have some bargaining power. Use the water damage to your advantage to negotiate down the price of the home.
If you are considering buying a home, we hope you find these tips helpful and that they help reduce your anxiety regarding the potential for water damage. Don’t hesitate to give us a call at Doctor Fix It in Riverside NJ, if you have any questions about water damage during the home-buying process.