You are shopping for a house. It can be because you want to move, or you want it as an investment to rent or you want to resell it at a profit. Whatever the reason, you are probably looking at quite a few properties. Some of these are in better shape than others. Some may have issues with mold. Should you invest? The short answer is if you are purchasing at a significant discount and have the financial ability to remove the mold safely, then yes.
Mold is a fungal spore that grows in warm, dark, damp areas. It is most commonly found in basements, near unsealed windows, around window air conditioning units, and other similar spots. It can mean that the area was not properly cared for. Sometimes it is the remainder of flooding from plumbing issues or severe storms. It can also indicate a serious problem with the construction. If there are large expanses of mold or in several areas of the house, you may want to reconsider.
Types of Mold
There are thousands of different types of mold like what you find on bread or in the corners of the basement. Some are more toxic than others. It can cause breathing problems or worsen those already in existence, like asthma.
When the home is appraised, the value will be reduced, which makes it more affordable for many people. However, if you want a place that is move-in ready, this is not for you. Appraisers are required to disclose the type of mold and locations. If it is found to be dangerous, the mold must be removed before a loan is approved.
In walking through the property and during inspections, if you see signs of mold, you should inquire about the cause and duration. It is always a good idea to have an independent inspection. Even with a steep discount in the price of the building or home, you could be in for a significant outlay of cash to have the place made safe.
There are companies that will perform an inspection and others that deal strictly in mold removal. By installing a dehumidifier on the furnace, you can prevent the mold from becoming out of control and will help to prevent its return.
The final decision about whether or not to purchase a property that has had mold becomes a personal one. Financially you will need to have the mold completely removed before you move in, rent or resell it. If that is acceptable and you plan to live there, then you need to decide if then it is a matter of deciding if there is a risk of its return and the effect on your health and that of your family and pets.
If you need an inspection or a quote for the cost of mold removal, contact us today. We are happy to offer a free estimate of the cost of our services. We have significant experience working with mold removal and can be of help to you.