Business is Business
As it stands, the issue is a dire one for homeowners selling with a flooding basement. Builder Magazine has found that 19% of home buyers won’t even look at a “fixer upper”, and even when they will look at it, you can be sure that it’s not their first choice over a home with a dry basement.
When a home buyer does finally decide to make an offer, you can be sure that the cost will be 10-25% less than it would be if the basement was a dry one.
Investing in Basement Repair
However, there is hope. Of the 12 home buying red flags cited by RealtyTimes, such as the presence of lead paint or asbestos, foundation issues, or defective roofing, solving basement moisture is likely the easiest and most inexpensive to repair.
A good basement waterproofing contractor can provide a warranty that can be transferred to a new owner, and with a $200,000 home, it can pay back for itself by upwards of 400% of the cost of the job. A good waterproofing contractor can install a perimeter drain and sump pump in one, or perhaps two days.
Conclusions: If you have a wet basement, fix it before you list it. Ideally, you should fix it right away, so you can enjoy a dry basement before you sell it. If you’re buying a home, take a second look at that wet basement fixer-upper. It’s quite a bargain!