How to Prepare for a Successful Move to Denver: a Step-by-Step Guide
Moving to a new city can be both exciting and overwhelming. Denver, known for its vibrant culture, stunning natural beauty, and thriving job market, is
Most homeowners view buying a house that needs repairs as a hassle. The repairs will require extra cash with no guarantee of how quickly the job will be done.
A house can have more serious problems, but a leaky basement is one of the easiest and cheapest problems to solve. It takes a professional a few days to install a complete basement waterproofing system.
A permanent basement system will increase the value of the house.
“I want to sell my house for cash.”
You can sell your house for cash even if it has a leaky basement. However, interested buyers will negotiate for a lower price because of the damage and cost of renovation. A wet basement can devalue your property by up to 10-25%. Installing a permanent waterproofing system will enable you to finish the basement before selling.
As a seller, you should disclose any water intrusions in the house through a Seller’s Property Disclosure form. According to the laws in Denver, using these forms is not mandatory but helps you disclose all the information required by law, regardless of the form in which you do it.
There are a few reasons you should fix the basement before you sell your house fast for cash. They include the following.
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Buyers will ask about any problems that might be in the house. You must answer truthfully. When they find out that the house has a leaky basement, chances are they will demand that you lower the price.
You may decide not to mention the leakage, hoping the cash home buyer will not find out. However, any smart home buyer has to involve a professional home inspector before committing to the purchase, and the home inspector will likely uncover any leaks.
Your basement leak may be a minor issue. However, a potential buyer may see it as a sign of major foundation damage and decide not to make an offer. The leak or minor foundation crack might appear easy to fix, but the buyer may see it differently.
If you decide to lie about a leaky basement or fail to mention it, you could be setting yourself up for legal troubles in the future. Not mentioning the leak or lying about it could cost you much more than it would cost to just fix the problem.
If your basement is finished with drywall, trim, electric wiring, and flooring, it will be a waste to let it get ruined by water leaks and damage.
If you spend more on waterproofing, you make the space livable even during the rainy seasons. A dry, finished basement can recoup some of your spending when you sell the house.
If your home is surrounded by other homes that have older basements, it will be understandable to have a leaky basement.
For example, if your home is in a neighborhood that has homes without basements, it will be difficult to sell a house with a leaky basement. The same will apply if you are in a neighborhood with new homes that have never been flooded as compared to areas with pre-war homes.
Unlike a quartz countertop or a shiplap, a dry basement does not go out of style. You will have to pay for the cost of drying your basement upfront, but it will help you improve the appeal of your home and take care of your basement water problem.
However, if you want to sell the house faster, you may not be willing to go through the cost and time it takes to waterproof your basement and do any foundation repair that needs to be done.
If you find a good real estate agent, they can advise you on the best way of approaching the situation. They may have information about other basements in the area and what customers prefer. They will also know if you need to do complete waterproofing or if a downspout extension will be enough.
You may be tempted to add a few coats of paint to cover the effects of the water damage on the basement walls from the water leak. However, this will not work because the paint cannot hide the damage.
This may be the easiest way to handle a leaky basement, but it has some drawbacks. Most buyers will be reluctant to inherit water damage or leaks. If unchecked, a leaking house can lead to other issues such as structural damage, mold, and damage to other possessions and furnishing.
You should enlist the help of a local real estate agent who is well versed in current market trends and sentiments about leaky basements. If you make the decision not to do the repairs, you need to do the following
If everyone in the area suffers from a leaky basement or water seepage, it might be tempting not to disclose this problem. That will not be wise since it might bring up legal issues with the buyer later. You need to fill out a proper disclosure form depending on your locality.
Different states have varying requirements when it comes to water damage and intrusion. Some states allow you to make a general “disclosure disclaimer,” while others transfer the responsibility to the buyer to check for any issues with a “caveat emptor” approach.
However, experts will advise you to be transparent and honest regarding any “material fact” that can affect the property value.
If the water leak is minor, you can go a step further and explain to the buyer why. It helps the buyer in making their decisions when they have sufficient information.
A lawsuit can be brought against you by the buyer even years after the sale has been finalized if they can prove that you knew about the leakage when you sold the house and failed to disclose it. If the buyer can prove a breach of contract or misrepresentation, you might be liable for the repair costs and attorney fees.
You can start by redirecting the water causing the leakage away from the house before considering other costly methods. You can achieve this by doing the following:
Buyers will have peace of mind if they have a transferrable warranty because they can contact the waterproofing company if any issue arises.
You need to remember that before finalizing any house sale, the buyer is entitled to know as much as possible about the physical condition of the house and any problem that might affect its value, utility, or desirability. This was not the case in the past, and sellers could stay silent unless asked about the house under the doctrine of caveat emptor.
The state of Colorado now mandates sellers to inform buyers about certain conditions of the property before it is sold. You can also explore the idea of selling your property to real estate companies that buy your property as is and do the renovations themselves. It will save you the cost of doing the repairs and the time taken to find a cash buyer.
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The latest real estate news, forecasts, insight, and advice are brought to you by the leading authorities in the Denver housing market. We have ears and boots on the ground in the Mile High reporting the facts. Extensive research goes into all our articles and we gather information from trusted real estate experts, renowned local Denver housing specialists, home buyers, and more. We buy houses Denver and as accomplished professionals with a proven track record, we now want to share our experiences with you. Please enjoy!
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