How Mold Affects Property Values:

How mold can affect property value is a common concern for both sellers and buyers. Mold in a home does not have to impede the offer to purchase! But it can negatively affect the property value if the problem isn’t handled correctly and timely. Part of the negative effect on property value is over all perception. For example, no potential buyer wants to walk into a home with mold, it simply just isn’t appealing. Not only does it affect the appearance and the perception of the property, it may incite fear in the buyer due to the potential Adverse affects of Mold Keep in mind the following to prevent mold from lowering your property value. A good secondary source is this Poison Control Site.

Mold Disclosure. Each State has its own regulations when it comes to mold disclosure. Be sure to check with a real estate lawyer or realtor in your state to avoid costly legal problems. Another great source is the CDC website.

Attics and crawlspaces. Mold is usually found in obvious places such as basements and under sinks but in our experience, mold is typically overlooked in Attics and Crawlspaces . Mold in these areas is often times discovered during the sales transaction by an inspector or appraiser. Be sure to thoroughly check attics and crawlspaces before putting a property on the market.

Water source. Mold problem indicates a water problem! You cannot have a mold problem without a water problem. Even if the mold is removed or painted over, it will return if the water source is not repaired. Building materials like drywall must be replaced once they have water damage, which could be costly depending on the amount of damage. Carpeting that that has been wet over 24-48 hours may also need to be replaced. Sellers should check the entire home for water problems and repair them as soon as possible.

As a buyer, mold on a property may present untapped opportunities. Negativity surrounds a home with Mold in it and the home may be perceived at a lower value and scare away other buyers. We find that many mold problems associated with real estate transactions are often exaggerated and not nearly as costly or difficult to fix as most would assume. Asking for compensation to fix the mold and water problems or negotiate a lower selling price is not out of the question. Sellers will most likely remedy the problem at hand though.

If you are a seller, make sure to check the home thoroughly for mold and water damage to avoid decreased property value and potential legal issues due to disclosure laws.

Mold in your property does not have to delay or kill your sale. According to the Environmental Protection Agency (EPA), in some cases you may be able to remediate the mold yourself. If you are buying, use a mold problem to your advantage and bargain with the seller. Most likely the seller will have the problem fixed ahead of time or you may receive some sort of credit to do it yourselves. If you are unsure of the extent of a mold problem, Consult with AtticMoldAndMore and obtain several estimates. Mold does not have to keep you from purchasing your dream home!