Water damage lands within the top 5 reasons of why buyers back out during a home purchase. The damage caused by water within a home is often unnoticed and can do intensive damage to a property.
Most homeowners think that their homeowner’s insurance will cover any type of water damage, but on average only 20% of reported cases are actually covered by their carriers. Even if the cost to repair the leak is covered, homeowners are then left with a bill to replace or repair the damage caused by the water.
Find where the damage originates
Most of the time, the harm done by unwanted water is hidden behind walls and under floorboards; resulting in these damages going unnoticed for long periods of time. This sitting water results in mold and the effects of mold are not only incredibly damaging to the home, but there are serious health issues to consider.
If the water leak is among the 80% of cases that are not covered by insurance carriers, the prices to repair the leak is often more than most sellers can comfortably handle. Water leakage is usually located in bathrooms, kitchens, and basements.
Weight the repair costs
The national average to clean up the damage done by water is $7.00 per square feet. In a 500 square foot room, the cost can often be more than $3,500 plus labor – with labor being approximately $75-$100 per hour by most professionals.
On average, repairs to the pipes within these rooms range from $3,000 to $7,000. The cost for these repairs are prohibitive because they often require certified professionals to fix, and depending on the location of the leak, it might require working with the city for permits and/or authorization to dig.
Water damage doesn’t have to be a problem when you are looking to sell your house. We buy houses in any condition – even with water damage. We have trained and licensed professionals on our team who can fix these issues, at no cost to the seller. We will handle all structural and cosmetic damage done by water, and the seller can receive cash for the property within a week of calling us.