Buying a home is one of the most stressful and exciting things a person can do. One way to add to the stress is to buy a home with existing water damage issues. There are many good reasons why you may want to buy a home with water damage. However, you should only do so after taking the proper precautions. Here are five important considerations we at Courtesy Care in Tulsa recommend any person think through before buying a home with water damage and restoration issues.
First things first, you will need to schedule an inspection to assess the severity of the water damage. While you may be willing to deal with different levels of damage, you need to know exactly what you’re getting into. This will give you a baseline idea of how bad the damage is and help you know if you want to move forward on the home.
If you are still interested in a home after the initial inspection, the next step is to speak with a contractor. The contractor will be able to give you an approximate figure on how much the repairs will cost and walk you through the pros and cons of buying a house with water damage restoration issues. You may also want to consult with more than one contractor to see if you can find a better price for making the repairs.
A basic tenet of buying a house is that you should get everything in writing. This is especially important with sensitive transactions like buying a home with water damage. All communications, whether they be formal agreements or informal conversations should be documented to protect yourself and your interests.
Work with your insurance agent to secure the right amount of homeowner’s insurance for your new home. With a water-damaged house, a comprehensive policy may be the best choice. If your new home is in a flood plain or other high-risk area, consider additional flood insurance as most general home insurance policies do not cover floods. While buying a new home can be expensive and it is tempting to buy a cheaper policy, water damage insurance is not the thing to cheap out on when buying a water-damaged home.
You should usually try to negotiate for a better price when buying a new home. However, buying a home with water damage gives you an especially strong case to argue for a reduced price. You should use this fact to your advantage and it may end up saving you 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. Don’t hesitate to give us a call at Courtesy Care in Tulsa if you have any questions about water damage or the restoration protocols during the home-buying process.