Tuesday, June 20th, 2017
Your basement is useful space, easy to heat and cool, and easy to finish. And a homebuyer will expect your basement to be dry. Unfortunately, a lot of money can be spent if your basement problem is not taken care of by a trained professional. And if it’s worth owning a home with a wet basement at all, it’s certainly worth fixing…
Who wants to buy a home with a wet basement? Nobody in today’s competitive housing market. It is difficult finding a buyer who wants to purchase your home at asking price, and devastating when they walk away after looking at the basement.
Most states have disclosure forms which ask the seller a lot of questions about their knowledge of defects with the property. Also, the majority of buyers hire professional home inspectors. Their purpose is to inspect the home for any defects. Having a keen eye for water problems, because that’s what they are hired for!
There is simply no hiding your wet basement when you sell your home, even if it might be dry at the time. Musty odors also deter potential buyers and alert home inspectors of a humidity or possible mold problem. And if you do disclose your leaking basement without having it fixed, either nobody will buy or you will have to accept a lower offer. In fact, buyers will discount the price of a home by 10% or more because of the negative value a wet basement brings. 10% is a lot of money! Buyers view your home as a fixer-upper, they will pay much less.
Home Value vs 10% off property value
$100,000 $10,000
$200,000 $15,000
$250,000 $25,000
$300,000 $30,000
$400,000 $40,000
You get the idea of how much 10% can affect your home’s value. And this does not take into account all of the property damage that comes with having a wet, leaky basement. Having your wet basement fixed by a trained professional is a lot cheaper than not fixing your basement!
