Mold is a homeowner’s worst nightmare: it is cold, wet, unsightly, and can cause serious health problems. In addition, mold can significantly decrease the value of a home. In Michigan, if black mold is present in a home at the time of a sale, then it must be disclosed to the buyer. This can potentially scare off many prospects who do not want to spend the time necessary to clean the home.
On the flip side, buying a home in Michigan with mold damage can be very profitable if you can snatch it at a low price. Here is what you need to know about buying a home with mold damage.
Mold is a type of fungus and there are thousands of different kinds in homes. Mold is very prevalent and is natural part of life: it can be found on everything from bread to your basement.
One thing that all mold has in common: it all grows in places where there is moisture. Mold can become a problem when residents are exposed to it for extended periods of time. Some health issues caused by prolonged mold exposure:
These symptoms are more likely to occur in people with lower immune systems such as the very young or the elderly. Brief exposure to mold does not usually affect the body, but if you are buying a home in Michigan, you will need to have the mold removed.
Mold can decrease the value of a home during an appraisal/home inspection, but it can also send up red flags to buyers. This will usually lead to a withdrawal from an interest in the property or a lower offer. If you are considering buying a home with mold damage in Michigan, make a lower offer!
So how much lower of an offer do you need to make? This varies, but the appraiser should be able to give you a ball park estimate of what it will cost to repair the mold damage. But you shouldn’t just shave off the costs of mold remediation and remodeling costs.
For example, if you are looking to buy a home for $50,000 and it will cost $5,000 to repair the mold, you should offer less than $45,000. This is because you, the buyer, are incurring the headache of removing the mold.
In fact, if the house has been on the market for some time, the homeowner has likely had this issue noticed by previous prospects. So if the homeowner is tired of dealing with the home, you might be able to low-ball the home and get it for a bargain price.
There is no blanket answer to this question. Every specific case is dependent on a number of factors, including the extent of the mold damage, the type of mold involved, and your health.
And although it is easy to calculate costs and gains, it is much more difficult to calculate potential health risks. If you are buying the home as an investment, you have to ask yourself whether or not the home is safe to inhabit.
Luckily, you can avoid the ethical dilemma by hiring experienced mold remediation services in Michigan to remove mold. If you are an investor, chances are you already have a go-to company for home restoration. If not, ask around for referrals from friends and family.
Preventing mold can be a little tricky. Make sure you do your homework before buying a home. Is the house in a flood plain or prone to water damage? Is there a leaky basement that lead to mold?
Remember that the best way to prevent mold damage in Michigan is to eliminate moisture. You can do this by setting up a dehumidifier in the basement and keeping a watchful eye on your property.
Aaron’s Restoration is the leading Michigan restoration company based in Clinton Twp., Michigan. A veteran-owned business, Aaron’s Restoration has been helping Michigan residents by providing mold removal in Michigan for over 15 years.
The views expressed in this blog are those of the guest blogger and do not necessarily reflect the opinions of Aspect Properties or its subsidiaries. These blogs are provided solely for the purpose of expanding people’s horizons by providing many different viewpoints.
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