How Water Damage Affects Your House Value

How Water Damage Affects Your House Value

Water damage can be one of the most challenging things to deal with when selling a property. It is costly and time-consuming to repair and can also turn off buyers who don’t want to spend money on repairs.

Luckily, there are ways to sell your home even if it’s been affected by water. But it’s important to know what to look for so you don’t make a mistake!

Water Damage Increases the Risk of Mold

According to water removal Chicago North Shore experts, mold thrives in moist environments and often grows after water damage. It is a relatively common problem and can be challenging to avoid, but there are steps you can take to minimize the risk of mold growth in your home.

To grow, mold needs three things: oxygen, a cellulose-based food source, and moisture. So, controlling humidity levels is the most important thing you can do to prevent mold growth.

The longer water leaks are left unchecked, the higher your risk of mold growing in your home. If you find water damage, call a professional immediately to dry it and sanitize the affected surfaces.

Water Damage Increases the Cost of Repairs

Water damage is not only expensive to repair, but it also affects your house’s value. If a potential buyer notices that you’ve had water damage in your home, they may request a lower price or walk away altogether.

Water leaks and floods can quickly wreak havoc on your walls, floors, furniture, and belongings. Carpets can become stained, books and paper goods can start to bulge, photographs can warp, and furniture can be permanently damaged or destroyed.

Untreated water can also cause mold to grow. Mold spores can cause allergic reactions, skin irritation, and respiratory problems.

Water Damage Increases the Cost of Insurance

Water damage is a significant issue in home insurance claims. One in 50 homeowners filed a water-damage claim between 2013 and 2017, according to the latest data from Verisk Analytics.

As water damage continues to increase in frequency, it’s causing homeowners to face increased rates. Water-damage claims have the fifth-highest rate hike of all homeowners’ insurance claims.

Repairing a house after it has been flooded will naturally increase, as the materials and labor needed to rebuild are expensive. The length of time that the flood has been occurring and the location of the flood will also determine these costs.

Water Damage Increases the Cost of Renovations

Water damage can make a home more expensive to renovate. It damages building materials, appliances, and fixtures and leads to mold growth in certain home areas.

Fortunately, there are ways to minimize the damage to your home and keep renovation costs down. First, inspect your home for leaks.

Second, keep up with your maintenance schedule. This includes repairing leaky faucets, hoses, and pipes.

Third, use a moisture-sensing alarm in your kitchen and bathroom.

Water restoration is a complicated process that requires several services and techniques to get your house back in working order after an emergency. These services include removing the contaminated water, restoring damaged drywall and flooring, removing mold, and sanitizing the property.

Water Damage Increases the Cost of Selling

It may be hard to sell if you have a home affected by water damage. It would help if you made repairs as soon as possible to show the house in its best condition.

However, even if the water damage is minimal, it can still impact your house’s value. Depending on the degree of damage, you may need to reduce your asking price by as much as 10%.

This is because a potential buyer may not be willing to purchase a home that needs extensive water removal Chicago North Shore repairs. Instead, they might ask for price concessions or refuse the sale altogether.

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