How Mold Can Affect Your Property Value

September 4, 2018 4:23 pm Published by Leave your thoughts

There are no potential homebuyers who want to walk into a property and discover mold. While there might be some buyers who are okay with taking on a big project involving mold cleanup and repairs at the right price, there are many more buyers who will walk away from a purchase altogether if an inspection turns up a serious mold issue in the home. Not only does mold damage the appearance of the property and the way people perceive it, but it can also result in certain health risks, and could even compromise the home’s structural integrity.

It shouldn’t be a surprise, then, that mold can severely impact your property value. This makes it important to take care of the problem as soon as possible if you suspect you have mold, before putting your home up for sale.

Here’s some information from a mold inspector in Portland, OR for you to consider.

Where to look

The most common spaces you’ll find mold are in places like basements, attics and crawlspaces. Be sure to thoroughly check these areas, especially if you’ve noticed signs of water coming in either through your roof or through the foundation.

Look around water sources, as well. There’s a chance you’ll have mold near sinks, showers, bathtubs or hot water heaters, especially if you’ve had leaks in the past.

Effects on the sale

Every state has its own set of regulations regarding the seller’s responsibilities to disclose the presence of mold. Consulting with a realtor or real estate attorney about this issue could help you avoid some big-time legal problems down the road if the buyer discovers mold after the sale.

Consider also the extra costs that go into fixing issues related to mold. Building materials like drywall, insulation and wood need to be replaced if they’ve sustained water damage. This could get quite costly, depending on the level of damage sustained. Carpet that has been wet for more than a day or two will also need to be replaced.

It’s also important to note that removing the mold or painting over it will only temporarily solve the issue. Mold almost always indicates some sort of leak or water flow, which means you cannot hope to resolve the issue without addressing the source of the water. Adding up all of these repairs can come out to a significant amount of money, and if the homebuyer is going to be expected to take on those costs on their own, that will significantly lower what you can realistically set as your asking price for the property.

While there are some buyers who will use the presence of mold as a negotiation tool, there are many more who want nothing to do with it, even at a lower price point. Your best bet, then, is to work with a professional mold inspector in Portland, OR to find the source of mold in your home and to resolve the issue before the sale. Reach out to Active Mold Control LLC today to learn more.

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