People have historically settled next to water bodies. Naturally, rivers, lakes, and seaports have served as crucial transportation and trade knots, guaranteed fruitful soil for agriculture, and numerous other benefits. However, where is water, there is water damage.
Although humanity has mastered the art of sandbagging and other flood protection measures, statistically, almost 98% of British homeowners have to deal with a certain level of water damage. These statistics encounter all sorts of water-caused damages to the building`s structure, which men's that you don`t really have to experience a flood to get affected with water.
However, more than 35% of British houses have gone through a flooding event that has caused particularly severe water damage.
Those numbers are expected to grow in the observable future as global warming, and climate change inevitably lead to the fact that you don`t really have to live in the coastal area or next to the Mississippi River to become a victim of a massive flood.
And, of course, according to the notorious Murphy`s Law, the flood will happen precisely the year you will be planning to sell your house, even if such events have never occurred in your area before.
In this article, we shape discuss what to prepare for once sandbagging didn`t work and put a house with water damage on the market.
Why is water damage such an issue?
Indeed, when there are so many offputting events and pitfalls that may influence your ability to sell the house, why do agents and potential buyers tend to focus on water damage so much?
Let`s be fair, despite what Hollywood tells you, haunted houses, as well as those that appeared at a crime scene or have an ancient graveyard in the backyard, don`t appear on the market so often.
However, water damage is one of the most frequent and illustrative peculiarities that a building may have:
- water damage may indicate a problem with floodings that the future owner will have to deal with;
- it can have a long-term effect, become an incubator for mold, bacteria, and numerous other things that alter the building`s structure and safety;
- depending on its severity, water damage may require a serious and costly repair.
You might have already understood that selling a house with water damage may be pretty tough. Your asking price will sink as soon as the real estate agent or a potential buyer notices those stains.
Can I sell a house with water damage as it is?
Technically you have two options once you decided to sell your house that has water damage of any level:
- Do the necessary repairs before entering the market;
- Sell the house as it is.
Needless to say that in the first case, water damage won`t instantly affect the asking price. However, it may occur if you don`t disclose such a significant pitfall and the new owners find it on their own.
Also, you need to understand that even if you can perform a DIY repair, it will require a certain investment, which is technically also reducing your asking price.
Your second option is to sell the house as it is. And here you have two ways to go again:
- Put it on the open market;
- Sell the house to a cash investor, agency, etc.
The asking price goes south as soon as people see the water damage is undeniable, so let`s discuss the second option.
Many homeowners don`t consider it as it is obvious that the offer, in this case, will be lower than what the house could have gained you on an open market. However, once you look a bit deeper into the matter, this option does have its benefits:
- You don`t have to deal with the water damage. Sandbagging, faulty pipes, mold, and their consequences officially won`t be your problem anymore as long as you have provided a total disclosure;
- You won`t have to deal with the nerve-wracking process of searching potential buyers and negotiating with them and real estate agents;
- It is the fastest way possible. If you absolutely have to sell your house as soon as possible and cannot waste another several months, this is the most efficient option for you. After all, time is money!
As you see, trying to sell a house with water damage, you will have to jump through several hoops anyway. However, once you set your priorities and evaluate all pros and cons of every scenario, the answer will come naturally.
How to sell a house with water damage?
Now let`s go over some experts` advice on how you can actually sell a house with water damage with a minimum impact on your asking price.
- Full disclosure. Once you manage to hide water damage from potential buyers, you may initially get a more generous offer for it. However, once the truth reveals, you are guaranteed to get in the middle of a cutthroat legal battle that will cost you much more than you would lose after a proper disclosure;
- Research the repair options. Even if you are not planning to do the repair itself, it is always better to have a clear understanding of their costs. That way, your asking price, and the buyer`s offer will be most fair;
- Do the repair yourself. Once your house had flood insurance and the damage corresponds to the policy, you can easily do all the repairs yourself and end up with the most marketable house;
- Save all repair paperwork. Once you have conducted repairs yourself, make sure to save all the paperwork, contractor`s estimates, receipts, etc. It will be solid proof of your investment in the property.
Avoiding water damage is the best strategy.
Although you can do lots of things to sell your water-damaged house with minimum losses, the best thing you can do is avoid such a scenario entirely.
Even if you live in a flood-prone area, a modern solution like flood gates or removable flood barriers will help you protect your property from disaster and eliminate the risk of water damage.
Contact Dam Easy today and learn about our innovative solutions that will help you preserve the value of your house, keep it dry, safe and attractive for potential buyers.
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