To Basement or not to Basement??
Wanting to purchase a home with a basement? Basements and garages are the least expensive area, per square foot, that you can purchase in the home-buying process. And basements are great when they are dry. If they are damp, musty, or wet, they are little more than a source for mildew, and items left in that environment for very long will rust, smell or even rot. If you are a potential Buyer looking for a basement house, you want to be sure that there is not a dampness problem; and if there has ever been a problem, you want to know when there was a problem, when was the problem cured, what was the cause, how was it repaired, who did the work, is there a transferrable warranty, and if there is a warranty that can transfer to you as the new owner, is the company still in business.
Data shows that people are unwilling to buy a home with basement water problems. The resale value of your home can be reduced by 25% or more as a result of water leakage.
Rotted wood, wet insulation, damaged smelly carpets, rusted tools and appliances are all results of having wet basement problems. Water bugs, termites, centipedes, spiders and carpenter ants also enjoy homes with basement water problems. This is a perfect environment for them to live, breed, multiply and destroy the structure. Most pest control services won't give you a guarantee on their services without first repairing the problem.
Foundation waterproofing and fixing a water problem should be high priorities for any homeowner. Likewise as a home Buyer, a dry basement should be at the top of your “must have” list. If you are purchasing a house with a damp basement and you just have to have “this house” even with this damp basement, be sure to find out how much it will cost to have it repaired (you will be shocked and surprised) before you make your offer to purchase, or if you are in a big hurry to make your offer, then be sure to get an inspection and your written quotes for repair during the due diligence period so that you can make a more educated decision and not risk losing your earnest money.