Are you considering buying or selling a home this summer but are afraid to because of a wet basement? It’s a legitimate concern given that a wet basement decreases property value by 10-25% (Yahoo Voices). Not to mention the fact that a home with a wet basement typically sits on the market longer.
The average Canadian house price in April 2012 was $375,810 (Canadian Real Estate Association). That could mean up to a $93,952 loss in equity in your home due to a wet basement! Typically, an entire basement can waterproofed for less than 2% of the average Canadian house price. That could mean a gain of 8-23% ($30,000 – $86,000)! Something simple like a foundation wall crack can typically be repaired for a matter of a few hundred dollars meaning even more savings!
If you’re a seller, why wouldn’t you want to unlock the maximum value on your home by fixing a wet basement? According to Builder Magazine, 19% of home buyers won’t even consider a fixer-upper. That will significantly reduce the market for your home. If you’re a buyer, a home with a wet basement can be a great opportunity to score a deal.
Dealing with a wet basement can seem daunting. With questions like what will it cost? How do I find out what’s wrong? Who do I call? How do I know if what they’re saying is right? The first thing you will want to do is contact a waterproofing professional to come into your home to conduct a detailed investigation into the source of the water leak. Once they find the source, the professional will explain to you the causes of the leak and will make repair recommendations. If the professional you choose also happens to be a contractor, they may provide you with cost estimates for the various options, if there are options. Secondly you want to get estimates from at least three different waterproofing contractors.
Do your research. Google the causes of your wet basement and the proposed solutions to make sure that what is being proposed is what’s best for you. Get at least three references from each contractor you are considering. Find out how long they’ve been in business and search court records for legal action. Check out their social media outlets, their web site and of course, review sites like Google Reviews. Through this research, you will get to know the company, their personality, trustworthiness and so on. And finally, ask to see their warranty in writing before awarding them the job. If they won’t let you review their warranty, don’t hire them!
As you consider buying or selling a home, don’t let a wet basement stop you from the home of your dreams.