Does Water Damage Decrease Home Value?
By: 911 Water Damage Experts
Many things can contribute to a drop in your property’s value. Sometimes, it’s a cooling down of the market, but other times, it’s related to property damage. Fire, termites, and natural disasters can all result in several thousands of dollars being stripped from your home’s value.
However, if you’re wondering whether something as simple as water damage could also decrease your home’s value, then the answer is yes.
Read how and why below – and what you could do about it.
Roof Leaks
Your roof is essentially your home’s lid, and, it acts as a barrier of protection against the elements. When your roof is no longer up to the task of keeping your home dry, it can result in several thousands of dollars of damage.
Water can leak through a damaged or old roof into your attic space. From the attic, it can affect your ceilings and lighting systems. To repair or replace the roof, fix the attic, and take care of ceiling and electrical damage can require a significant financial investment.
Structural Damage
Suppose it’s your basement that has been flooded, and, you haven’t hired a water damage restoration company to combat the problem right away.
In that case, you may find yourself with significant structural damage.
Given that your home’s foundation is what keeps it upright, it can often be cheaper to rebuild the entire house rather than attempt to repair that structural damage.
That can be a costly undertaking even for those with equity to fall back on.
Mould And Mildew
When flooding or leakage isn’t taken care of right away, mould is given a chance to grow and spread. Even if you do clean the mould, not immediately taking action can see it become an ever-present problem.
Fortunately, you can avoid mould from becoming something that decreases your home’s value by airing out a flooded area, using dehumidifiers, and calling in water damage experts for help when the leak or flooding occurs.
Common Water Damage Risks That Could Bring Down Your Home’s Value
You may never be able to prevent every single thing from happening that causes water damage. Mother Nature is a force to be reckoned with, and even accidents from appliance failure can be beyond your control.
However, knowledge is power. By being aware of the most common water damage risks, you may be able to put steps in place to prevent them from becoming a problem in the first place.
Roof Leaks
As previously mentioned, roof leaks can significantly bring down the value of your home.
Unfortunately, they are also one of the leading causes of water damage. Sometimes, slow leaks are not noticeable right away.
It’s often not until the water starts impacting your ceiling that you realize you have a problem. By that point, mould may have spread throughout your attic, and possessions within it are damaged.
If you are worried about the risk of damage from a leaky roof, get into the habit of having a roofing company carry out yearly roof inspections and/or maintenance.
Broken Pipes
Basements are tucked away, out of sight and out of mind. If you don’t use that space for laundry or extra space for the teens, you may never even enter them very often.
And because you don’t enter your basement very often, you aren’t always aware that broken pipes are causing your basement to slowly fill with water.
Of course, if they are connected to gutters, they are easier to notice, but that doesn’t mean everyone will.
Get into the habit of visiting your basement every week to look out for signs of moisture. This one-minute task could save you thousands of dollars and your property value.
Condensation
As much as we can blame Mother Nature for causing water damage and bringing down the value of our homes, how we live in our homes can also contribute to the problem. Condensation can be incredibly damaging as it leads to mould growth.
Surprisingly, condensation is one of the leading causes of water damage in homes.
However, you can avoid much of it by ensuring that you maintain your air conditioning system and keep bathroom and kitchen windows open.
How To Stop Water Damage From Affecting Your Home Value
There’s no question that most homeowners want to be able to retain their property’s value. Where possible, they may also hope to watch it rise. That may not be possible if your property has been subjected to water damage that can cost several thousands of dollars to fix.
Fortunately, for most causes of water damage, there is a possible prevention method.
At a minimum, even if you can’t prevent the water damage, you can at least mitigate the risk of further damage.
Stay on top of home maintenance by bringing in the experts each year to inspect your roof.
If you notice water-using appliances have been making strange noises or leaking, have them repaired sooner rather than later.
Pay a visit to your basement at least once a week, and pay attention to any pipes leading into and out of the basement.
If you have had a problem with mould, have a water damage restoration company come in and take care of it to prevent it from spreading.
This can involve removing mould-damaged porous building materials.
All these small things can make a significant impact on both how much you spend on water damage repairs and your property’s value.
How Bad Can It Get?
Sometimes, it can seem like dealing with a water problem at the time of it happening is not all that important. It’s just a few puddles of water; what harm can it do? Right?
As it turns out, a lot of harm. The worst effects of water damage can include rampant mould growth, damaged appliances, wiring, and gas lines, and even black water contamination.
Rather than let these worst-case scenarios play out, it can be in your best interests to hire a company – or multiple companies – to deal with a water-related problem as soon as it arises.
Your property value will thank you for it.
If you have any questions about water damage and restoration feel free to call us at 1-833-WE-DRY-IT or feel free to chat with us in near real time on our Facebook fan page.
