What Is a House Worth With Mold Problems?
According to information published by the Centers for Disease Control, mold in a home is a health hazard. Homes with active mold infestations will lose value or even be classified as uninhabitable until the infestation is cleared. Does this Spark an idea?
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Value Without Repairs
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The loss of value due to active mold infestations will vary on a case-by-case basis, depending on the severity of the infestation. Mold is a health hazard, so homes with uncorrected mold problems can lose substantial value in a market and become difficult to sell. Severe infestations can jeopardize financing for a buyer until the home is reclassified as habitable by lender standards, not only affecting the value, but also increasing the home's time on the market.
Value With Repairs
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Repairing mold problems can be costly, but documented repairs will keep the value of the property closer to the market value. Having professional mold removal services document and warranty work done to remove the infestation is important to a successful sale. Again, the severity of the mold problem will affect the property value.
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Considerations
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The longer a mold problem goes untreated, the worse it will become. When entering a property that smells musty, keep in mind that this is often the early sign of a growing problem. Early treatment of mold problems can help keep property value stable when selling.
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