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When was the last time you went down to your crawl space to inspect it? If you’re anything like most homeowners, the answer is probably years. A major crawl space issue found in many homes is standing water. Crawl spaces are naturally damp and oftentimes require a sump pump to keep them dry. Having a wet crawl space, especially within the enclosed space without crawl space vents, can be a major red flag when going to sell your home.
This water damage, if left unaddressed, can cause significant damage to your home in the future, but immediate and long term. Water in your crawl space won’t magically disappear, and potential buyers won’t want to address the issue right after moving in. What can you do then if you’re looking to sell your home with crawl space problems?
Throughout the course of this article, we will discuss five different methods you can use to sell your home with standing water in the crawl space or wet crawl space.
Real estate investors go into a buying situation knowing that they will be looking for homes that are not in the best condition. They might ask you as the would-be seller to conduct a once-over look at the property to check for any mold growing, mildew growth, soil erosion, or any other very obvious issues without doing a full inspection - why?
This is because investors, as prospective buyers, are willing to put the work into a property to make a good return on their investment. They will purchase your property at a discounted rate which could vary wildly depending on the level of damage your home has.
Investors generally work with a team of contractors who will be available immediately to fix these issues and install items that can prevent further damage to the crawl space. An example of what a professional would install includes a French drain that uses hydrostatic force to push water into the surrounding soil, diverting moisture to an underground barrier trench, or weather stripping to prevent rainwater from entering your crawl space.
Generally speaking, though, investors know what they are getting into, and making repairs before speaking to an investor is completely unnecessary.
Selling your home in a more traditional manner through a real estate agent might be difficult if your home needs a crawl space repair.
Crawl space repair costs can vary. According to one site, "Repairing your crawl space costs on average $6,000. Depending on the exact problem, total expenses can range between $1,500 and $15,000. Vents and cosmetic damage run on the low end, while structural repairs tend to cost more."
Keeping that in mind, potential buyers will find out about the crawl space issue during a home inspection by crawling underneath your house or from a crawl space specialist during their option period. Depending on the level of damage that your home and crawl space foundation has endured, it might be best to take the advice of many professional real estate agents and sell your home as is.
During a pre-listing inspection by your real estate agent, they will be able to determine if your crawl space needs attention from a crawl space company. The professional crawl space company can then make the recommendation on repairs and provide you with a rough estimate of the cost.
For example, installing a rain garden around your home's ground floor or foundation will help water naturally soak into the ground, prevent soil erosion, and deal with storm runoff during rain. This project could cost about $4,000 depending on how large your home is and where you live.
It's up to you as the seller to make the decision whether or not to make the repairs; keep in mind that buyers notice even the smallest imperfections, and their offers will reflect that.
Selling your home to a private home buyer as for sale by the owner might help you avoid doing any major repair work and an inspection by a foundation specialist, service provider, or another professional inspector.
Avoiding those inspections isn't always that easy. There is a rare possibility that in the case of a for-sale by owner that a buyer will hire an inspector due to issues they might have noticed in the living space of the home, such as humid air, warped hardwood floor, a bad odor, or an overall damp feeling. Typically installing a simple vapor barrier will help with this problem.
If your water damage is severe enough, you might want to consider contacting your homeowners insurance to see if they cover structural damage due to water events.
Auctions might be another viable option to sell your home with crawl space issues. Prior to the auction, potential buyers will have full access to your home, where they can enter your crawl space through the access hatch and give the space a look.
This brief inspection or once-over by a buyer would include looking at the concrete slab if you have one, excess water in the crawl space, seeing if there is a water flow in the crawl space that turns into a wet basement, and seeing if there has been any damage on the ground level of the property.
Bidders at an auction are ready to buy a home at a discount and will place bids according to the damage that they see. Make sure that if there is damage, you repair it in an aesthetically pleasing way, if possible with, a trusted professional's opinion on what repairs you might want to do before an intended sale.
Local home buying companies can be thought of in a similar manner to real estate investors, with the exception that they are ready to buy houses in far worse condition and without a home inspection or crawl space inspection.
This might be a good option for you if the crawl space damage is severe, you live near a natural spring that causes an excess of water, or your home's systems, such as your HVAC unit, have sustained serious damage.
No matter how you decide to sell your home with a crawl space issue, make sure that you take into account the advice you receive from trusted local professionals.
For more information on selling homes with damage, please check out our other blogs.
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