Hidden Costs of Water Damage When Flipping Houses

Real estate prices are at a level unseen in recent years. Money to invest could be well placed in the right piece of property. However, buying real estate with the intent of reselling for a profit carries a number of variables that can dramatically affect your bottom line.

The current real estate market has left many houses vacant for long periods of time. A small leak in a pipe, over time, can lead to the formation of toxic mold within the walls of this seemingly perfect home. The adverse health effects of mold, which is a form of fungus, can be hazardous, especially to children. The cost of clean up, extensive!

Not all problems occur in neglected homes. What about a wonderfully maintained home of a great couple with two adorable children? The children enjoyed their baths every night, playing in the tub is a great way for children to spend their time getting clean. However, continually having water spill over onto the bathroom floor there is a possibility of extensive damage to the subflooring of this beautiful bathroom.

Check all possible areas for signs of water damage, including the roof. Soft spots in the roof or attic could be due to a leaking roof; another potentially high priced repair. Look closely at all walls and ceilings for any sign of discoloration or “bowing”, both of which could indicate a water leak. All accessible pipes should be examined to ensure that fittings are secure and there is no sign of leakage. A damp, musty smell under a cabinet could be a sign of a previous water problem. You must beware of any evidence you find that indicates a problem does currently exist or may have existed at one time. Improperly repaired water problems can result in more extensive repairs later. If possible, check previous water bills. Extreme fluctuations in water usage could signify a problem, either inside or outside the home. A damaged pipe underground could carry a high excavation cost, definitely devastating to your bottom line!

A thorough inspection is imperative anytime you are considering a real estate investment, simply because water damage isn’t always easily detected and has the potential to be very costly. You can’t always see what is behind the pretty paint and wallpaper or under the beautiful ceramic tile.

It’s your investment and you want to protect it. Once you become the owner of this property, you also become owner of any and all water problems.

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