Mold can affect a property valuation in a variety of ways. You own residential property that you live in or flip, and you must make sure you understand what mold is doing to the property. You must consider all the things that mold does to the house before you take action to fix the problem.
Many unseen problems can potentially affect the price of your property. These problems can be categorized into three groups: physical, functional and external obsolescence. Fortunately, most of these problems are curable. Left unchecked, these problems can carry stigma, which can affect real estate values in the long-term.
Many people today are making a lot of money buying and selling properties. However, there is also the potential for losses if buyers don’t do their due diligence before purchasing. Even with insurance covering the losses, buyers may find themselves losing a lot of money when they purchase a bad property. Generally, when this happens buyers are unaware of it beforehand. Although there are laws that protect buyers when sellers do not disclose negative facts about the home, the seller can always claim that he was unaware. Therefore, it is important that buyers have a home professionally inspected before making a purchase. Below is a full overview, courtesy of Pink Pest Services of what can happen when mistakenly purchasing a property only to find catastrophic damage.