How Water Damage Impacts Home Value

In this blog post, our professionals from Leak Detection of Atlanta will discuss how much water damage affects home value and what steps you can take to mitigate the damage.

Water Damage Restoration & Removal

Water damage restoration and removal is a process that involves assessing the extent of the damage and removing any water and moisture from the property. Although repairing water damage might be expensive, it is necessary to stop future harm and return your house to its pre-loss state.

The amount of value loss caused by the water damage will depend on its severity. The value of your home might not be significantly affected if the damage is modest and is swiftly fixed. But, if the damage is serious and not properly repaired, it can significantly lower your home's worth.

Determining The Impact

The location of the damage is one of the most important elements in assessing how water damage affects a home's value. For instance, water damage to the foundation or basement can be more costly to your home's worth than damage to the living room or kitchen. This is due to the fact that foundation and basement damage may be signs of more serious structural problems that could be expensive to remedy.

By posing health risks, water damage can also lower the value of your house. Within 48 to 72 hours following water damage, mold growth can start, and it can lead to respiratory troubles as well as other health problems. If the mold development is not eliminated, it may spread and endanger the safety of the residents of the house. Mold development may also be an indicator of more serious water damage problems, such as roof or plumbing leaks.

You might want to think about making repairs before putting your house on the market if you're preparing to sell it and it has water damage. If water damage is discovered during the property's inspection by prospective purchasers, it could have a negative effect on the sale. Also, buyers may ask for a reduction in the asking price or demand that repairs be performed before buying the house.

Insurance & Cost

It's important to understand that depending on the type of policy you have, your insurance coverage for water damage may differ. Just specified types of water damage may be covered by some policies, while specific restrictions may apply to others. To make sure you're sufficiently insured, it's necessary to evaluate your policy and comprehend what is covered.

Depending on the degree of the damage and the location of the property, the cost of water damage restoration and removal may change. Restoration prices for water damage range from $1,000 to $8,000, with an average cost of $2,700. This price covers clearing the area of any standing water, drying out the area, and fixing any harm done to the house's structure or contents.

Need a Reliable Company?

Are you in need of a water damage removal? Luckily, we at Leak Detection of Atlanta have dedicated workers ready at your service. Contact our representatives for more questions.