Why Mold Causes Your Home's Value to Depreciate
If you’re putting your home on the market, you’re in luck. At the beginning of 2019, Nerdwallet reported that “Nearly half (45%) of Americans who’ve purchased a home in the past five years offered more than asking price before having their offer accepted.” This is welcome news for sellers; however, if you did not perform proper maintenance, such as mold removal, your home won’t fetch this price.
Neglecting Mold Issues
Even the mention of mold is oftentimes enough to turn off potential buyers. The presence of mold, especially a substantial amount, is sure to quickly depreciate your home’s worth. If those touring your home walk inside and see flooring and walls disfigured by this unwelcome fungus, they’re likely to immediately turn away. It isn’t attractive, and the presence of mold holds the promise of renovation costs which is a burden that buyers want to avoid.
They may try to talk down the price to allow room for this extra cost, but it isn’t likely that they’ll want to go through the trouble. A potential buyer will typically walk away if mold has taken root in your home’s structure, as this could cause several thousand dollars in repairs. The presence of mold also suggests other problems with the home. For example, it implies almost certain water issues, such as pesky leaks. Even the most luxurious homes will seem alarmingly unattractive thanks to mold’s unwanted presence.
If you put your home on the market before remedying the mold situation, you may also face future problems. Even if buyers don’t see the mold when taking the tour, they’ll usually become aware of its presence. Not all home purchases require inspections, but smart buyers will always have one performed before putting down a payment.
If they don’t, and you sell them the home, you may face potential legal issues. If homeowners discover a problem that you didn’t disclose, they may take you to court. This is why it’s extremely important to document absolutely everything.
What to Do
It’s best to have a home inspection performed before putting your house on the market; you want to be sure to cover all your bases before listing it. After all, you want to obtain the best price possible! Familiarize yourself with the signs of mold so that you can nip the problem in the bud before it gets too bad. If you find mold, hire a trusted professional at your earliest convenience.
If your mold issues dwell in the attic, we can help. For attic mold removal in Flint, call Attic Renew today!