Is it possible to sell a home with water damage?
“Water damage” is a phrase that strikes fear into the heart of every homeowner, because when it comes to home repairs, it can be one of the costliest.
Whether a flood ruined your basement, a leaky roof ruined your attic, or a broken pipe ruined your walls and floors, water damage can be incredibly expensive to fix. That’s also why any signs of water damage tend to scare away buyers, because they don’t want to deal with any of those problems either.
So is it possible to sell a house fast with water damage? It is possible, but you’ll have to sell it at the right price to the right buyer.
Determine the Extent of the Damage
The first thing to do when trying to sell a water damaged house is to determine just how bad the damage is. You’ll probably need to hire an expert for this step, because they can examine the damage and determine whether it’s a safety risk (like if your roof is in danger of collapsing, for example) and tell you what needs to be repaired.
From there, you can calculate how much you’d need to spend in order to fix all the problems and determine whether that’s in your budget. Some water damage problems are worse than others, and it’s up to you to decide whether you can afford to fix the problems or if you have to sell your house as is.
If you experienced a leaky pipe, for example, and all you have to do is hire a plumber and replace some drywall, it may be worth it to fix it yourself before selling. But if you’re trying to, say, sell a flood damaged house that requires all new flooring and foundation repair, that may not be a reasonable fix within your budget.
When to Sell Your House As Is
If you need to sell your house and can’t afford to repair any expensive water damage issues, you may need to sell your house as is. The good news is that it’s possible to sell a water damaged home, but the bad news is that you’ll need to find a very specific buyer who’s willing to take on the project, and you’ll need to sell your home at a lower price.
Oftentimes, the only buyers willing to buy homes in need of serious repair are home flippers and contractors, since they make their living by fixing old and damaged homes. You’ll likely have to list your home at a lower price to account for the repairs that need to be made, but it’s entirely possible to sell a home with even the most serious water damage if you find the right buyer.
Another option is to sell your home directly to a home investing company, like STL Real Estate. With this method, a real estate agent will tour your home and then make you a cash offer in as little as 24 hours. This way, you’ll get cash for your home and you’ll get your house off your hands quickly and easily without having to deal with putting it on the market or negotiating a price.
Which Option Is Right for You?
Determining which option is right for you is a personal decision dependent on your individual situation. Talk with your local real estate agent to discuss your needs, and they’ll help you sell your home in no time.
Copyright : Victor Zastolskiy
How Can I Prevent Water Issues in a Finished Basement?
You might not want to finish a basement unless you know that you’re not going to have problems in your basement. Any of the basements we finished on the investment side we either a) make sure that they won’t leak or b) we try to install a waterproofing system that will make sure that it’s not going to leak.
There’s some really easy ways to eliminate water in the basement. The first is let’s try to eliminate the water outside. Make sure your gutters are clean. Overflowing gutters are a huge source of water in foundations. If you have a really heavy rainfall and the rain just has nowhere else to go again it’s going to find a path of the least resistance and it’s going to go into the foundation. Definitely get your gutters clean. Make sure you’re trying to divert the water on the exterior. You can’t divert all the water on the exterior. Again if you do have any problems on the inside you may have to go to an interior drain system. It’s a great solution. It will eliminate most, if not all, of the water if it’s done properly. I would highly recommend that you install that prior to finishing the basement.
Again going back to the prevention the biggest I can recommend is trying to stop it on the exterior because once it’s on the interior it’s very difficult. You do have to go to some kind of a drain system.
-Ryan Wessels, Investment Specialist