Can You Sell a House With Water Damage?
Jun 03, 2022 | Hometown Development
Water damage is an unfortunate, yet common issue in many West Michigan homes. With heavy amounts of snow and rainfall each year, it’s a tough problem to avoid. It can also be a pretty messy and expensive one to fix.
That said, if you’ve noticed signs of water damage in your home, you may be concerned about what your next steps should be. The good news is you have options that don’t involve spending a ton of time, energy, and money on repairs. We’ll take a look at one of them below.
Can You Sell a House With Water Damage?
Putting the time and money into repairing water damage can be a huge investment. If you’re not quite ready to take that project on, but you’re still looking to make a move, you might be wondering if it’s even possible to sell a house with water damage — and it is!
It’s completely possible to sell a house with water damage. Although the damage may pose a few unique challenges in the selling process, such as an extended timeline or lowered price, it’s still a viable option that many homeowners have chosen.
How to Sell a House With Water Damage
So what does the process of selling a house with water damage look like, and how can you get it to go as smoothly as possible for you and your family? Here are a few steps and tips to keep in mind.
1. Identify the Issue Quickly
If you’re able, it’s important to identify the source of your home’s water damage quickly. Be on the lookout for telltale signs that something’s wrong, especially after snowy or rainy days. Here are a few things to keep an eye out for:
- Pooling water or puddles on your floors
- Wet spots on your ceiling or walls
- Mold on your ceiling or walls
- Cracking or bubbling paint
- The sound of dripping or rushing water
- A musty, moldy smell
- A sudden increase in your water utility bill, without other explanation
Once you’ve found the issue, do your best to find a solution for it, even if it’s temporary. Then clean up any damage that’s already occurred. The more you can clean and dry up, the less long-term damage brought upon your home.
2. Price Your Home Appropriately
Now determine the extent of the damage and set your price fairly and accordingly. If your home has water damage, you should understand that its value has been reduced and you need to set a lower price to account for how much repair work it needs. If there’s only minimal damage, this price shouldn’t be much lower, but if the damage is extensive and has been there a while, your listing price may take a bigger hit.
Again, this doesn’t mean you can’t sell your home. You just have to sell it at a fair price, for what it’s really worth. If you need help doing so, you may choose to hire an appraiser to come and take a look around.
3. Disclose Damage to Potential Buyers
When your home has water damage, it’s important to disclose the damage to any potential buyers. More often than not, buyers will ask for a home inspection before making an offer anyway, so it’s in your best interest to be upfront about any issues. This way, you can both have an honest, clear understanding of what kinds of work needs to be done, and how much it may cost. And you’ll be surprised to find the number of people who’d be willing to buy it and go through the repair process!
4. Consider Selling Your Home As-Is to an All-Cash Buyer
Does your home have signs of extreme water damage? It may be tough to find a buyer who’s willing to pay a fair price. Your best option could be to sell your home as-is to an all-cash buyer. This is a person or company that has all the funds needed to purchase your home in full, right now. From home renovation hobbyists to established real estate investment companies, there are plenty of all-cash buying options out there.
There are many benefits to selling your home as-is for cash — most notably being immediacy. All-cash buyers will close on your home sale quickly, so you don’t need to spend any time or money fixing it up and staging it. In some cases they’ll close on the deal in just days, helping you get out of your damaged home and into newer, better living accommodations in no time!
Stuck With a Water-Damaged Home? We’ll Take It!
Looking to get out of and move on from a home with water damage? We can help! At Hometown Development, we purchase damaged Michigan homes like yours that need a little extra TLC. We’ll stop by to take a look and provide you with an all-cash offer in less than 24 hours after we meet. To learn more about our process and if it’s right for you, contact us online.