The number of bank-owned properties throughout the country increases. So does the number of mold-infested homes, especially foreclosed ones.
The link is easy to trace: foreclosed property may remain uninhabited for months and even years. All this time the house is unventilated; there is no heating or air conditioning; water leaks go unrepaired, since there are no residents to notice them. In climates like Florida’s, with high humidity, heat, and frequent storms, foreclosed property suffers the most. Homes like this fall easy victims to mold and quickly become unfit for living because of this toxic and dangerous fungus.
Should real estate owners pay attention to mold infestation in the buildings they own? Absolutely, and here are 3 major reasons why.
- It Will Scare Away Buyers
Home buyers are increasingly aware of the mold problem, the health issues associated with it, and the high costs of eliminating mold infestation. That is why mold inside your property may be the reason why most buyers say ‘no’ and look for safe alternatives to your offer. If you need to sell this property, make sure you either prevent mold or fully get rid of it.
- It Can Drive Down the Price of Property
Even if you manage to find buyers, who are ready to pay for a mold-infested home, you will have to considerably cut down the price. Remediating mold is not just about expenses: it’s a lot of time and effort. So, to persuade buyers the deal is worth the trouble, you will have to offer a really attractive deal. It can be more reasonable financially to inspect your property for mold and get it treated than try to sell it at a reduced price.
- It Can Result In Lawsuits Later
What many property owners do is try to conceal the problem. You have the building cleaned up, renovated and freshly painted, and there is no way a potential buyer can see the mold. You might even think the mold is gone, because the house was thoroughly cleaned up. However, cleaning is not enough for eliminating mold. A deal like this can result in an expensive lawsuit for you later, especially if the buyer ends up with serious health issues because of the fungus.
Proper Mold Inspection and Treatment Is the Only Solution
The optimal way to make the property attractive for home buyers again and safe for you as a seller is professional mold inspection and treatment. Mold inspection will detect contamination even if it’s not yet visible, so you can be confident there will be no legal consequences for you later. If you need mold inspection for your real estate, call Expert Mold Test today!