Impact of Water Damage On The Property Value

12/1/2020 (Permalink)

Have you ever confused the term "water damage" with life-threatening water associated natural catastrophes like flooding or hurricanes etc.? Well, this is very likely to happen, but the term water damage is not used in this context rather it is a term that describes multiple damages caused by water leakage on your property thus making it decrepit in many ways.

It is a very slow and profound kind of deterioration as water travels along parallel surfaces thus eliciting its effect bit by bit. The destruction takes place in places that you've never noticed before, usually occurring deep within the walls, floors and ceilings. Destruction due to water mainly happens due to faulty plumbing possibly due to corroded and dripping pipes and toilets in addition to this, it is visible and prominent in places like bathrooms, kitchen and even refrigerators thus opening doors for multiple issues like fractured and swollen walls, growth of molds, nasty smell, bumping and inflated paint etc.

Water damage has for sure negative impacts on the resale of the property and realtors or even property owners often face difficulties in making a sale deal for an already run-down property. One might think that what relation does water have with the property's value? This query is reasoned by stating fact that sellers generally highlight the pros and cons of the property when it is being sold having no clue about the destabilized foundations of the property chiefly done by the excessive water leakage until the new owner conducts the inspection and finds out about the declining state of the building.

Following are some ways through which water damage succeeds in lowering your house value:

Deflation in the price:

Water damage lowers your property's capital value as the price estimated for the restoration of the house is more as compared to its actual value thus whether you purchase a dilapidated property which is completely void from inside or you buy it and then spend large amounts of money on its restoration, Whichever the way is, you surely will be losing quite an amount of money.

Nil Electrical System:

Apart from making the property tattered, water damage disrupts the electrical layout of the building and a damaged electrical system is not only a threat to an individual's life but it further lowers the market value of the site.

Higher Chances of Re-occurrence:

A place that has been under the spell of water damage, might fall in the same pit again. This also makes buyers cautious once they are familiar with the problematic situation and ultimately your expectations of asking price are usually not met.

Water damage is more destructive than one can imagine and is brought into notice when the situation has aggravated tremendously. The control of water damage is a very expensive process as numerous problems need to be fixed for instance mold remediation, repairing of foundational and structural damages hence a lot of money is required for restoring a water damaged tumbled down mess to uplift its value.