Buying A House With Water Damage In Massachusetts

Published on June 18th, 2023

We all know and understand that one of the most significant investments we will make in our lifetime is buying a house. But what happens when you buy a house with water damage? It can be a massive headache and costly to try and fix.

This post will reveal some tips on buying a house with water damage and what to do if you already own one. Stay dry and make a wise investment, not a risky investment!

What Is Water Damage, And Why Does It Need Your Consideration In Massachusetts?

In simple words, water damage means any type of physical damage caused to your home or property due to water. Most people think of water damage as an annoyance at best and a disaster at worst. But what many don't realize is that water damage can significantly impact your home's market value.

Moreover, water damage is one of the most common reasons for a home to be devalued by insurers.

And it's not just the water that can do damage - moisture can also lead to mold issues, which can cause considerable structural damage.

So if you're hoping to sell your home anytime soon, it's best to get any water damage repaired before putting it on sale. Otherwise, you might have to take a considerable cut in price.

Signs Of Water Damage

Some telltale signs of water damage include:

• Dull or Peeling paint

• Wet or dark spots on the house’s walls, roof, or ceilings.

A leaking roof and leaking windows

• A musty or moldy smell, especially inside small crawl spaces

• Cracked drywall

• Bowing or warped wood

• Standing water in the basement or watermarks on the basement’s walls.

Tips To Buy A House With Water Damage In Massachusetts

Here are some valuable tips for buying a house with water damage, keep them in your mind, and save yourself from expensive water damage repairs:

Go For Home Inspection

A home inspection is essential in the home buying process, not just for uncovering hidden mold or water damage.

An experienced and professional home inspector will also check for electrical hazards, subpar plumbing, and termites. They'll even go so far as to open up your walls to ensure the home's structure is sound.

In other words, a thorough home inspection is a must if you want to avoid any nasty surprises down the road. Of course, if water damage is found during a home inspection, it can be a big red flag. Water damage is unappealing and can convert into mold growth and costly repairs.

If you're looking at a home with water damage, consider the cost of mold remediation and repairs before making an offer. And if you're not up for dealing with water damage, you could always buy a new home - there's no shame in that.

Evaluate Repair and Remediation Costs:

Water damage is often underestimated. A small leak from a bathtub pipe can seem like an easy repair, but if the leak has gone undetected for some time, the water can seep through the walls, soaking the back of drywall, structural supports, and insulation. This type of repair is not only costly, but it can also take a long time to fix properly.

Similarly, you should figure out the repair costs of mold removal and mold remediation. Besides, ensure that your realtor includes the water damage repair costs in writing and that the seller agrees to them.

If you also plan to buy a house that has suffered water damage, have a real estate agent evaluate the repair costs and determine if the necessary repairs will impact the home's market value.

Try to be on the safer side when buying a house with water damage; this will also save you and your family members from severe health issues.

How Will You Deal With Mold?

Water damage is one of the first things you should look for when buying a house. Not only can it be expensive to repair, but it can also lead to mold growth. Remember, significant mold issues can be lethal. And mold remediation costs are not the same and vary depending on the extent of the existing damage as well as on the hidden damage. Typically range from $500 to $5,000.

If buying a house with water damage, don't forget to include a provision in the sales contract that the seller will pay for mold remediation costs. Otherwise, you may be stuck with a hefty repair cost.

Get Coverage 

Not many of us like to consider what could happen to our home if it was damaged by water. Whether it's a flood, a leaky roof, or a broken pipe, the cost of repairs can be high.

That's why it's essential to work with your insurance agent to obtain homeowner's insurance quotes for a comprehensive water damage inspection. If your new property is in a flood plain or other high-risk area, you may also want to consider general home insurance and additional flood insurance.

Not many know that general home insurance policies do not cover floods, so this could be essential. By taking steps to protect your home now, you can help ensure that you're prepared for whatever comes your way.

So, Should You Buy A Home With Water Damage?

It's no secret that water damage can be a severe problem for any home. It can cause rigid mold and mildew growth along with serious structural damage and make the home more challenging to sell in the future.

As a result, many people are hesitant to purchase a home with any type of water damage. However, it is essential to understand that not all water-damaged homes are lousy buy. In some cases, the water damage may be relatively minor, making certain repairs easy to complete.

Additionally, the seller may be willing to negotiate on the price of the home if they are aware of the damage and safety hazards.

As a result, it is essential to clearly understand the costs of mold remediation and home restoration before ruling out a water-damaged property. Lastly, pay attention to what the home inspection report states about the property.

With these valuable tips and knowledge in hand, you will be in a better position to make the right decision.