If you say those two heinous words to any homeowner, they are likely to shudder in fear and will either try to move the conversation onto something less terrifying or let you know just how much it cost them to fix the problem when it occurred. Water damage is something that no property owner ever wants to encounter, but as is life, it could very well end up becoming a significant part of their lives if the problem becomes bad enough. Here, we are looking at how water damage can decimate the value of your home if you fail to nip the problem in the bud soon enough.
Structural Integrity Is Compromised By Water
Arguably, the main reason that water damage can have such a devastating impact on the value of your home is the structural damage it can cause if not addressed in time. You can think of it as writing off a car in the case of a bad accident. While you can repair the vehicle and make it look like it used to, once the damage has been done, it will never be the same again unless you repair it to the point that it resembles the Ship of Theseus (in which case it will be different by virtue of having entirely new components installed). However, if you manage to fix the problem promptly, you can restore your property back to its former glory. According to the emergency restoration experts at RestoreResults.com, as long as you are fast in your pursuit of a fix, you can minimize damage to a point where the value won’t increase too dramatically. The main issue when it comes to structural damage is that the price of repair increases exponentially, and the fact of what happened will forever be noted down and made apparent in any home inspection that potential buyers initiate.
Insurance Claims May Affect Resale
There are two sides to this topic. While you will inevitably want to involve your insurance company to help you cover most of what is likely going to be a costly fix, they will forever make a note of it. Nevertheless, there does happen to be an upside to making a claim that could work in your favor. Once you’ve put in your claim, made the necessary repairs, and had your insurance provider sign off on the work, you might find that if the repairs are done professionally and thoroughly, with documentation provided, it can mitigate concerns and reassure potential buyers. This can help to slightly reduce any downsides that might come from putting in acclaim and hopefully dissuade you from putting your hand in your own pocket in the hopes of getting things fixed without having to document it, which leads to the next point.
Disclosure Requirements Impact The Selling Process
If the damage is minor enough to make it possible to pay for the repair yourself in the hopes of hiding the problem from potential buyer, you might need to think again. In most jurisdictions, you are legally obligated to report anything of note that’s happened with the property to allow the buyer to make up their own mind. Failing to do so could result in legal action that can seriously ruin your day when you receive a letterhead from an expensive real estate lawyer indicating that they’re in the process of pulling your pants down. Your best hope is to hire the very best restoration experts you can afford, finish the repairs to the highest level, and document the fact that, while damage did occur, the money you spent to rectify it means that the place should be as good as new. Moreover, if the water damage happened due to faulty plumbing or something similar, the fact that you got everything fixed in a way that will avoid future issues could be highly appealing to a potential buyer.
Long-Term Effects Decrease Buyer Interest
Regardless of how much money you’ve put into fixing the damage, it could be that there is a lingering, long-term issue that is out of your control (environmental conditions, poor-quality foundations, etc.). If this is the case, there might not be much you can do aside from saving up to perform a massive overhaul of the entire property or bite the bullet and accept that you won’t be able to sell it for the amount you desire. You can certainly lessen the amount that gets reduced by fishing what you can, but in some extreme cases, you are just going to have to accept your fate and move on.
How To Make Sure You Avoid Water Damage
As with everything in life, if you want to avoid the worst-case scenarios, you ought to think proactively rather than reactively. In the case of water damage, it could be any number of things, but if you want to reduce the odds that you will end up in a position where you have to lower the value of your home, you can use the following advice:
- Regularly inspect plumbing for leaks: you really don’t need to have a DIY bone in your body to follow this initial step, but doing so can help enormously. All you need to do is take a few hours once per month to walk around your poetry and inspect the areas most prone to water damage. If you don’t know what to look for, you can usually find plenty of resources online or hire a plumber to perform the job on your behalf.
- Maintain gutters and downspouts properly: One of the more common ways that water will ingress your property is via the guttering system. This can be because of damaged downspouts, detritus blocking its proper function, or any number of other things. All it takes is hiring someone to clean your gutters at regular intervals (usually bi-annually) and checking if anything is awry that you can repair.
- Install sump pumps in basements: if you live in areas prone to flooding or high levels of groundwater, an incredible proactive step you can take is installing a sump in your basement. These are designed to collect water that seeps into the basement from groundwater or heavy rainfall. This water is then pumped out of the cellar by a sump pump, preventing potential flooding and water damage.
Water damage can put fear into even the most steadfast and stout-hearted people. But with a bit of understanding how to avoid it and knowing who to turn to for the best reapers, you can sidestep the worst of it and live a little easier knowing that your poetry value remains intact.
