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Buying a home is a stressful process. Compounding that stress with the potential for water damage diminishing the value of the home can make it a lot to handle. Here are five things we at Total Restoration in Carmel recommend anyone who is considering buying a home with water damage and cleanup issues ought to know.
Before considering buying a home with water damage and cleanup issues too seriously, you should first schedule an inspection. The inspection will reveal essential information about the home. For instance, it may reveal that the damage is far more extensive than previously thought or that it is relatively limited and not as bad as it looks. Either way, you need to know these things before moving forward.
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.
While an inspection is important, you shouldn’t settle for that alone. If you start getting serious about buying a house with water damage, you should also consult with a contractor about the state of the home. They will be able to give you an idea of how expensive the repairs will be and help you think through the implications of the specific kind of water damage in the home.
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. Don’t limit this just too formal agreements. You should also document all of your conversations even if it’s just over text or email. If you agree to something during a conversation, you should also have it confirmed in writing just in case any miscommunications arise.
Buying a home with water damage gives you one great advantage as a buyer — the home has its issues and you are willing to take them on. You can use this fact to your advantage to argue for a better price, potentially saving yourself thousands of dollars.
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 and cleanup issues. Don’t hesitate to give us a call at Total Restoration in Carmel if you have any questions about water damage during the home-buying process.