Is Mold a Home Buying Deal Breaker? Not Necessarily
The housing market is hot here in the Raleigh area. Homes are selling in a matter of days. So what happens when the house you’re in the process of purchasing has mold?
You found your dream house, your bid was accepted, it’s time to get the ball rolling towards closing. The day of the inspection comes and you’re told the house you are buying has a moldy secret. Is mold a deal breaker? Should you kiss your earnest money goodbye? Not necessarily.
Should You Stay or Should You Go?
- The Home Inspector Finds Mold: If the home inspector finds mold your next step should be to contact a mold company to assess the issue and determine if a third party testing firm needs to be brought in.
- Price and Timeline of Remediation: Consider the time and money it will take to properly remediate your mold problem and decide if it is worth the price.
- Determine Seller’s Willingness to Negotiate: Is the seller willing to cover or at least share the cost of remediation?
There is no formula to determine if the presence of mold should warrant walking away from the house you are trying to purchase. Every situation is different. The amount and type of mold and the underlying reason for the mold are all important factors to consider. Seek advice from your buyer’s agent and a mold specialist to help you make your decision.
What Does Remediation Look Like?
Some amount of common mold is present in every home. However, if you are facing a larger mold issue, here is a list of what you should expect from a reputable mold remediation specialist:
- Assess the size of the mold problem and identify mold-damaged materials.
- Identify the source or cause of the moisture problem.
- Plan the mold remediation strategy and adapt guidelines to fit the unique situation.
- Remove the mold growth and remediate the affected area.
- Fix the water or moisture problem.
- Clean and dry moldy materials.
- Discard moldy items that can’t be cleaned.
- Perform follow-up inspections to check for the return of moisture and mold.
Let Your Budget and Health Be Your Guide
If you have the time and money to make repairs, buying a house with mold may be a viable option for you. If however, you have health issues or time constraints, it may be in your best interest to walk away from the deal.