Hidden Water Damage Costs When Flipping Homes
Real estate prices are at a level never seen in recent years. The money to invest could be well placed in the right property. However, buying real estate with the intention of reselling it for a profit comes with a number of variables that can drastically affect your bottom line.
The current real estate market has left many houses unoccupied for long periods of time. A small leak in a pipe, over time, can cause toxic mold to form inside the walls of this seemingly perfect home. The adverse health effects of mold, which is a form of fungus, can be dangerous, especially for children. The cost of cleaning, extensive!
Not all problems occur in abandoned houses. How about a wonderfully maintained home for a great couple with two adorable children? The kids enjoyed their baths every night, playing in the tub is a great way for kids to spend their time getting clean. However, if water continuously spills onto the bathroom floor, there is a potential for significant damage to the subfloor of this beautiful bathroom.
Check all possible areas for signs of water damage, including the roof. Weak spots in the roof or attic can be due to roof leaks; another potentially expensive repair. Take a close look at all walls and ceilings for signs of discoloration or “bowing,” which could indicate a water leak. All accessible piping should be examined to ensure fittings are secure and there are no signs of leaks. A damp, moldy smell under a cabinet could be a sign of a previous water problem. You should be wary of any evidence you find that indicates a problem currently exists or may have once existed. Improperly repaired water problems can result in more extensive repairs later. If possible, check previous water bills. Extreme fluctuations in water use can spell trouble, whether inside or outside the home. A damaged underground pipe could incur a high excavation cost, definitely devastating to your bottom line!
A thorough inspection is imperative whenever you are considering a real estate investment, simply because water damage is not always easily detected and has the potential to be very expensive. You can’t always see what’s behind the pretty paint and wallpaper or under the beautiful ceramic tile.
It is your investment and you want to protect it. Once you own this property, you also own any and all water-related issues.
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