How do you sell a home after you detect it has water damage? Should you sell the house as-is?
There are only two options.
You can fix the problem or try to sell the home after disclosing the issue. First consider, dealing with the problem yourself. Get an estimate of the work required and then decide whether it is workable for you to repair the property.
Selling a house as-is has its advantages but keep in mind that you cannot sell a damaged home at the retail market. Customers will subtract the cost of repairs plus the value of their time. After that, they will pay you the market value of your home. If your home does not need extensive maintenance, then it is best to repair the house before putting it for sale. However, if the project requires an investment of thousands of dollars, then it is a good idea to sell your home as-is.
Presence of water stains: Carefully watch the walls, floor, and the ceilings. If you see yellow rings on the surface, then it is a sign of a problem.
Accumulation of moisture: Moisture can build up inside the drywall. You may notice a swallowed surface which probably is swollen because of humidity and water presence.
Damaged wood pieces: Wood is an excellent moisture absorbent. Check the furniture and other wooden materials in the house. If you see the rotten wood, inspect the case in further detail to know the real cause.
Smell: Water creates a strong, nasty smell when it stays longer in one area. You can probably judge that by entering the house.
Damaged paint: Water can damage walls and paint is no exception. Broken paint does not have to be an indication of a water problem, but a water issue can be hiding beneath the surface.
Mold Growth: It is a water problem for sure. Presence of mold in any area of the house indicates a water problem and immediately needs your attention.
Poor Condition of Attic/Basement: These areas are easily damaged by the water. Check out their condition.
Check the pipes: Broken pipes create water issues. Loose caulk or missing pieces around the pipes also signal water damage.
What is the reason behind this situation? Fixing flood damage is tough. Similarly, delaying the problem will only cost you money in the long-run. If the problem is relatively new, then it should not cost you much to fix the water damage.
The national average cost of restoring a water damaged house is $2,587. According to the averages, you could end up paying $450-$8,000 for fixing water problems.
If you have not already done that, hire a certified inspector to give you an idea of the extent of the damage. Depending on the location, you might want to hire a structural engineer to inspect the property. Once you know the exact problem, you can contact contractors to get an estimate for the work.
Contact a few water-damage restoration companies and have them give you an estimate for the work. Each situation is unique so the contractors must study the inspection report before giving you the quote. Make sure to collect at least three bids and then decide whether you can afford to make the repairs.
If the water has not damaged the structure, entire plumbing system, basement and the roof then consider repairing the house. Do not undertake an extensive remodeling project if it involves making changes to the structure. Such homes do not sell at the top-notch price even after you have repaired the property. In that case, your best chance is to sell your home to a redevelopment firm in Illinois. You can sell your house as-is for a cash price within ten days.