Does mold affect the value of a home?
answer that you would get if you asked a baker whether mold affects the value of a loaf of bread. Mold is unsightly and may cause health problems, and its presence also makes it difficult to insure a home. The question is whether a property with a history of properly treated mold infestation also loses value. What is mold?
Does mold affect the value of a luxury home in Kansas?
Property valuation experts Marion R. Johnson, Paul A. Welcome and Darla Frank found that a severely infested luxury home in Kansas lost 53 percent of its value because of an active mold infestation.
Can a home that has mold be repaired enough to buy?
Can a Home That Has Mold Be Repaired Enough to Consider Buying It? Asking whether active mold infestation affects the value of your house will get you the same emphatic "Yes!" answer that you would get if you asked a baker whether mold affects the value of a loaf of bread.
What are the health risks of mold?
The health risks of mold are well-known, with effects ranging from mild to extremely serious. There’s no question that part of maintaining a healthy home involves mold prevention and mold removal when necessary.
1. Why is it Difficult to Sell a House with Mold Damage?
A few mold patches around the home may not seem like a big deal, do they? Well, they are. Here’s how mold can make your home less desirable to potential buyers.
3. Mold Remediation: How to Sell a Property with Mold
While selling a home with mold may seem impossible at first, we’re here to tell you that there’s hope. All you need is professional inspection and remediation to get your property back in shape. Here’s what you will have to do.
4. Schedule a Property Appraisal After Mold Removal and Remediation
An appraisal is typically done before a home is put on the market or refinanced to determine the actual property value based on the home’s condition. An appraiser will arrive on the property and look for signs of damage which could lower the value, as well as any additions or renovations which increase it.
The Bottom Line
To sum up, you must check your home for mold damage to avoid decreased property values and legal ramifications. Remember that indoor mold does not have to kill your sale, as long as you are diligent and honest about the remediation efforts.
How much value does mold lose?
Both the case study performed by the team of Johnson, Welcome and Frank and Schoppa's research point out that some homebuyers will not consider buying even properly treated homes with histories of mold at full price. Schioppa estimates that homes that have undergone proper and documented treatment for mold lose about 3 percent of their value. The home covered by the team still lost 50 percent of its value even after proper treatment. However, attitudes to mold are changing according to Patrick Barta of the "Wall Street Journal," so the figure presented by Schoppa seems more realistic.
What to do if your house has mold?
If your home is infested with mold, contact a mold abatement specialist and have it cleaned thoroughly. Especially if you are ready to sell, have a plumber or other expert contractor deal with the source of the mold, which can be leaky pipes, old drywall, improperly waterproofed exterior structures or a combination of factors. Make sure to have all abatement procedures and repairs documented so you can show potential buyers that any issues you may have had have been properly dealt with.
What is mold?
Mold is the common name given to any one of a number of nasty fungi that can infest older and poorly constructed homes, particularly around plumbing joints and other sources of moisture. These organisms include potentially toxic black mold, Stachybotrys chartarum, which can spread throughout the house as it reproduces by shedding microscopic spores. These spores may cause illness and the spreading infestation of mold must be controlled by a licensed mold removal specialist.
Does mold affect the value of a house?
Asking whether active mold infestation affects the value of your house will get you the same emphatic "Yes!" . answer that you would get if you asked a baker whether mold affects the value of a loaf of bread. Mold is unsightly and may cause health problems, and its presence also makes it difficult to insure a home.
Can you buy a house that has mold?
Never even think of purchasing a home that is infected with mold unless you receive a price reduction that will more than cover mold remediation by qualified professionals. Even then, ask the seller to pay an independent appraiser for a proper valuation of the home and to allow you to obtain quotes from mold remediation firms. Contact your insurance agent to make sure the home is insurable, and contact your mortgage agent to make sure you can get any necessary mortgage before you are able to move in.
Is mold a health problem?
Mold is unsightly and may cause health problems, and its presence also makes it difficult to insure a home. The question is whether a property with a history of properly treated mold infestation also loses value.
Why does mold grow in my house?
After all, mold is caused by excess moisture in your home, which could have been caused by anything ranging from a leaky roof to a burst pipe that naturally reduces your home’s value in their eyes. Furthermore, mold growth often doesn’t just cover the surface, but also permeates wood, drywall, upholstery, and other materials.
How does mold spread?
Mold can be spread through circulating air from fans, air conditioning, and furnaces. Spores can actually attach to your clothing and spread to other parts of your house, not to mention cause respiratory issues and asthma. The longer you go without treating your mold infection, the worse it will get.
Can you recover from mold?
Unfortunately, even if you go through all the necessary steps to remove all mold spores from your home, your property values may never fully recover. Some states require that you disclose your previous mold issues to any potential buyers, which can lower your property values.
Can mold spread without you knowing?
Mold May Spread Without You Realizing. While mold removal can be costly, untreated mold can torpedo your housing value. Not only that, mold can also spread to infect massive portions of your home, turning your house into one massive mold incubator.
Can mold be found in drywall?
Keep an eye out for these signs: If you catch it early enough, a mold infestation could amount to little more than a mild headache. However, left unchecked, mold can infest drywall and floorboards that require replacing large sections of your property, and those repairs could end up costing you beyond the initial bill.
Does mold affect the value of a house?
Mold. Just the word can inspire anxiety in even the most laid-back homeowner. Not only does mold affect your personal health and safety, but it can also directly impact the value of your property. Purchasing a house or a condominium is an investment, and to make sure it turns into a profitable one, avoiding mold should be at the top of your list ...
Can You Sell a House With Mold?
You may see some mold in your house and figure that it’s not “that bad.” You’d be wrong. Not only does mold pose health hazards to you, your family, or even your pets, but the mere existence of mold in your home could make it practically impossible to sell on the market.
