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Is it Okay to Buy a House with Mold in it?

After a long, tiresome search, you have finally found your dream home. It’s a lovely home that is big enough to cater to the needs of your growing family. Unfortunately, there’s a bit of a problem. After the home inspection, you found that the house has a mold problem. You are fully aware of the consequences brought about by molds, but you’re still contemplating whether or not to buy the house.

If you are looking to buy a house and you find yourself in the same situation, then we urge you to read this blog post. Here, we’ll help you decide whether or not you should push through with the transaction or just move and continue your search for your dream property.

Health consequences

Mold may incite fear in potential buyers because of its negative health effects. But we’d like to emphasize that not all molds are toxic; most of them, however, are allergic. For some people, exposure to mold may cause allergy symptoms like nasal congestions, coughing, sneezing, itchy eyes and throat. Some do not experience any symptoms at all. Mold affects people differently.

If you or any member of your family has allergy, asthma or respiratory problems, then living in a mold-infested home is definitely not a good idea. Constant mold exposure may exacerbate their condition. This is especially true for infants, children and older adults.

Appraisal value

Mold problems affect the appearance and people’s perception of the house. If not handled timely and correctly, it can negatively impact the value of the property. For some buyers, this is a great opportunity to purchase the house at a significantly low price. Some buyers use it as a negotiation tool. They would negotiate a lower price or ask for compensation to fix the problem.

If you have the budget to address mold problems and you’re not looking to move into the property anytime soon, then buying a house with mold could save you money. But if you are looking to settle in into your new home and have no time and budget to handle repairs, then this isn’t the house for you.

Mold remediation cost

The cost of remediation depends on the severity of the problem. Pricing can vary between companies as well. If the crawlspace is involved, remediation may range between $500 and $4,000. But if the property is flood-damaged, it is likely that the problem is more extensive. This can drive up the remediation cost up to $10,000 to $30,000. Given the amount of money that is needed to get rid of molds, you may want to think twice about buying the house.

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