Water damage is a phrase that strikes fear in many homeowners. If you’ve ever had a basement or lived in a flood zone, you understand the fear water can cause. If you’re trying to sell your home, water damage is the last thing you want to imagine.
Many things can cause water damage. Burst water pipes, leaky roofs, or rising floodwaters are all potential causes of water damage in a home. When you discover water in your home, you need to act quickly to prevent damage, mold, or mildew.
The real estate market is hard enough to navigate when your home is in perfect condition. Now, imagine trying to sell a house with water damage. The task can seem impossible. Can you sell a house with water damage?
Can You Sell a House With Water Damage?
Disclosing water damage when selling a house is necessary. The ability to sell a house with water damage is dependent on a couple of factors. The cause of the water damage and the severity of the issue are instrumental in determining how easily you can sell the house.
Types of Water Damage
There are three primary classifications of waters that cause damage to your home.
1. White Water—this is typically a burst pipe or fresh rainwater. White water is the easiest form of water damage to mitigate.
2. Gray Water—typically damage from bathwater, a dishwasher, or a washing machine—something that is somewhat unclean. Gray water damage is more challenging to deal with than white water damage.
3. Black Water—the hardest to handle—it’s highly contaminated. This water is from a toilet or a flooded body of water. It causes the most damage of the three, and it’s the most toxic.
It doesn’t take long for any water damage to become dangerous. Mold, mildew, and other toxins form quickly. It’s best to deal with water and the subsequent damage as soon as possible.
Does Water Damage Decrease Home Value?
When you decide to sell a house with water damage, you should realize that the water damage will decrease your home’s value. The extent of damage will determine the amount of depreciation. Even if you have repaired the damage, your selling price will not equal the amount of money you’ve invested in the house.
Selling a House With Water Damage
Depending on the amount of the damage, you can take steps to sell a house with water damage. Since your ability to sell is reflected by the amount of damage to the home, let’s talk about rating your damage first.
Is It Bad?
Damage can be classified into four levels. Here they are from the least damaging to the most destructive.
· Very little water is primarily contained to hard, non-porous surfaces like linoleum or tile. Easily cleaned and can be dried.
· There is a good amount of water with some wet soft surfaces, like the carpet.
· A significant amount of water has been absorbed into the carpet, ceiling, and walls.
· The most damaging has a tremendous amount of water absorbed into the building materials. May require professional assistance to remove the water.
Contending with water damage can be an expensive undertaking. However, choosing not to repair the damage is potentially detrimental to you and your family’s health.
What Are Your Options?
You have a few options regarding water-damaged homes. Looking at the options could help you decide whether to attempt to sell a house with water damage.
Repair the Damage
It could be cost-effective to repair minimal damage to carpeting or other soft surfaces. If the damage is minimal and easily cleaned, it is worth considering repairs. Besides, the more repairs you do, the better your chances of selling the home.
Sell the House As-Is
Disclosing water damage when selling a house is a requirement. If the seller didn’t disclose water damage it could negatively affect the deal. One option is to sell the house without making any repairs. Be prepared for difficulty finding buyers for your home if you choose this option.
Sell the House to an Investor
Investors will often purchase homes that are in poor shape with the hope of getting a low buying price and then flipping their find for a profit. Investment firms will often cover all costs due at closing as well as the purchase price you’ve chosen for your home. This way, selling your home means you likely won’t be asked to repair any water damage before closing.
For Sale by Owner
You can opt to sell the house without contracting with a realtor. This allows you to dictate the state of the home when the sale finalizes. However, private buyers may not want to look at your home if the water damage is substantial.
Regardless of the option you choose to deal with your water damage, you should act quickly because time is of the essence when dealing with water.
Benefits of Selling a House With Water Damage to an Investor
Investors typically spend cash on real estate purchases. You could skip fees like appraisals and closing costs when selling to an investor. Your home will likely sell faster than with a private sale.
Can you sell a house with water damage? In some circumstances, yes, you can. Selling a house with water damage or any other kind of damage can be more complicated than selling a home in mint condition.
The key to selling a house with water damage is acting quickly to mitigate any damage you can. Waiting to address the water in your home can lead to mold or mildew, which can cause or worsen health issues, as well as lower the value of your home.
A-List Properties is a real estate solutions company based in Dallas and serving the entire Lone Star State. We are a family/veteran-owned business that focuses on helping homeowners find solutions for any difficult property. As a veteran-owned business, with years of real estate experience, we are dedicated to helping out wherever we can. We help you sell your house in the following areas –